Decision Making Under Interval Uncertainty Revisited

Authors

Olga Kosheleva, The University of Texas at El PasoFollow
Vladik Kreinovich, The University of Texas at El PasoFollow
Uyen Pham, University of Economics and LawFollow

Publication Date

6-2020

Comments

Technical Report: UTEP-CS-20-61

To appear in Asian Journal of Economics and Banking, 2021.

Abstract

In many real-life situations, we do not know the exact values of the expected gain corresponding to different possible actions, we only have lower and upper bounds on these gains -- i.e., in effect, intervals of possible gain values. How can we made decisions under such interval uncertainty? In this paper, we show that natural requirements lead to a 2-parametric family of possible decision-making strategies.