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Notes for Session 1, Dominance and Book, Summer School 2011 T.Seidenfeld 1 Session 1: Dominance and de Finetti's "Book" argument
 

Summary: Notes for Session 1, Dominance and Book, Summer School 2011 T.Seidenfeld 1
Session 1: Dominance and de Finetti's "Book" argument
Partition circumstances with a finite set of
pairwise exclusive and mutually exhaustive situations.
A partition with n-states {state1, state2, ....., staten} is written as:
= { 1, 2, ...., n}.
Suppose that YOU, the decision maker, can compare two acts, state by state, according to
the desirability of their outcomes, oij.
1 2 ... k ... n
Act1 o11 o12 ... o1k ... o1n
Act2 o21 o22 ... o2k ... o2n
Strict dominance
If YOU judge each outcome o1j is strictly preferable to the outcome o2j (j = 1,..., n),
then you strictly prefer Act1 over Act2 in a pairwise choice between them.
Notes for Session 1, Dominance and Book, Summer School 2011 T.Seidenfeld 2
Example 1: Suppose that you prefer more money to less.
Consider the binary state decision problem where the payoffs are:
1 2
Act1 $300 $100
Act2 $400 $200

  

Source: Andrews, Peter B. - Department of Mathematical Sciences, Carnegie Mellon University

 

Collections: Mathematics