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Journal Articles Quarterly Journal of Economics Year : 1995

Case-Based Decision Theory

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Abstract

This paper suggests that decision-making under uncertainty is, at least partly, case-based. We propose a model in which cases are primitive, and provide a simple axiomatization of a decision rule that chooses a "best" act based on its past performance in similar cases. Each act is evaluated by the sum of the utility levels that resulted from using this act in past cases, each weighted by the similarity of that past case to the problem at hand. The formal model of case-based decision theory naturally gives rise to the notions of satisficing decisions and aspiration levels.

Dates and versions

hal-00753144 , version 1 (17-11-2012)

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Itzhak Gilboa, David Schmeidler. Case-Based Decision Theory. Quarterly Journal of Economics, 1995, Vol.110, n°3, pp. 605-639. ⟨10.2307/2946694⟩. ⟨hal-00753144⟩

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