Ranking Completely Uncertain Decisions by the Uniform Expected Utility Criterion

Abstract

We provide an axiomatic characterization of a family of criteria for ranking completely uncertain decisions. A completely uncertain decision is described by the set of all its consequences (assumed to be finite). Each of the criterions characterized can be thought of as assigning to all consequences of a decision an equal probability of occurrence and as comparing decisions on the basis of the expected utility of their consequences for some utility function.Complete Uncertainty; Ignorance; Ranking Sets; Probability; Expected Utility of their Consequences for Some Utility Function.