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A method of weighing qualitative preference axioms. (English) Zbl 0557.92014

Summary: A method is developed for determining the absolute and relative strengths of qualitative preference axioms in normative Bayesian decision theory. These strengths are calculated for the three most common qualitative axioms; transitivity, the sure-thing principle, and dominance. The relative strength of the latter two axioms with respect to transitivity is calculated for special cases, and a bound is derived which is applicable to a larger class of decision problems. Possible implications of this theoretical work for decision heuristics are discussed.

MSC:

91D99 Mathematical sociology (including anthropology)
91B08 Individual preferences
91B06 Decision theory
62C10 Bayesian problems; characterization of Bayes procedures
91E99 Mathematical psychology
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