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.
Technical Report: UTEP-CS-20-61
To appear in Asian Journal of Economics and Banking, 2021.