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Utility in Case-Based Decision Theory

Abstract : This paper provides two axiomatic derivations of a case-baseddecision rule. Each axiomatization shows that, if preference orders over available acts in various contexts satisfy certain consistency requirements, then these orders can be numerically represented by maximization of a similarity-weighted utility function. In each axiomatization, both the similarity function and the utility function are simultaneously derived from preferences, and the axiomatic derivation also suggests a way to elicit these theoretical concepts from in-principle observable preferences. The two axiomatizations differ in the type of decisions that they assume as data.
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Submitted on : Thursday, November 15, 2012 - 12:18:37 PM
Last modification on : Thursday, November 15, 2012 - 12:19:21 PM

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Itzhak Gilboa, David Schmeidler, Peter P. Wakker. Utility in Case-Based Decision Theory. Journal of Economic Theory, Elsevier, 2002, vol. 105, issue 2, pp. 483-502. ⟨10.1006/jeth.2001.2858⟩. ⟨hal-00752278⟩

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