Article ID | Journal | Published Year | Pages | File Type |
---|---|---|---|---|
397204 | International Journal of Approximate Reasoning | 2007 | 13 Pages |
Abstract
Various ways for decision making with imprecise probabilities—admissibility, maximal expected utility, maximality, E-admissibility, Γ-maximax, Γ-maximin, all of which are well known from the literature—are discussed and compared. We generalise a well-known sufficient condition for existence of optimal decisions. A simple numerical example shows how these criteria can work in practice, and demonstrates their differences. Finally, we suggest an efficient approach to calculate optimal decisions under these decision criteria.
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