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Decisions with conflicting and imprecise information

By Thibault Gajdos and Jean-Christophe Vergnaud

Abstract

The most usual procedure when facing decisions in complex settings consists in consulting experts, aggregating the information they provide, and deciding on the basis of this aggregated information. We argue that such a procedure entails a substantial loss, insofar as it precludes the possibility to take into account simultaneously the decision maker’s attitude towards conflict among experts and her attitude towards imprecision of information. We propose to consider directly how a decision maker behaves when using information coming from several sources. We give an axiomatic foundation for a decision criterion that allows to distinguish on a behavioral basis the decision maker’s attitude towards imprecision and towards conflict

Topics: HB Economic Theory
Publisher: The Centre for Philosophy of Natural and Social Science (CPNSS), London School of Economics
Year: 2009
OAI identifier: oai:eprints.lse.ac.uk:27005
Provided by: LSE Research Online

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