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On the Principle of Consistency| old_uid | 4874 |
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| title | On the Principle of Consistency |
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| start_date | 2008/05/21 |
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| schedule | 16h15-18h15 |
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| online | no |
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| location_info | salle H030 |
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| summary | The measurement methods of Wakker and Deneffe (1996) for utility and Abdellaoui (2000) for decision weighting, both presented in Management Science, are based on the principle of tradeoff-consistency. For utility measurement, this principle says that, if for a fixed event one can measure utility, then replacing that event with any different event will have no influence on the measured utility (i.e., we should obtain the same cardinal utility). We propose a new consistency principle which says that if for any event one can measure utility, then replacing that event with any of its sub-events will have no influence on the measured utility. The latter principle is weaker that tradeoff-consistency but
still sufficient to derive subjective expected utility or Choquet expected utility if required to hold on the universal event. |
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| responsibles | Hill, Cozic |
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