Decision Making by Hybrid Probabilistic-Possibilistic Utility Theory

  • Endre Pap University of Novi Sad, Department of Mathematics and Informatics; Academy of Sciences and Arts of Vojvodina, Novi Sad, Serbia

Abstract

It is presented an approach to decision theory based upon nonprobabilistic uncertainty. There is an axiomatization of the hybrid probabilistic-possibilistic mixtures based on a pair of triangular conorm and triangular norm satisfying restricted distributivity law, and the corresponding non-additive S-measure. This is characterized by the families of operations involved in generalized mixtures, based upon a previous result on the characterization of the pair of continuous t-norm and t-conorm such that the former is restrictedly distributive over the latter. The obtained family of mixtures combines probabilistic and idempotent (possibilistic) mixtures via a threshold.


Key words: Decision making, Utility theory, Possibilistic mixture, Hybrid probabilistic-possibilistic mixture, Triangular norm, Triangular conorm, Pseudo-additive measure.
JEL: C44, L97.

How to Cite
Pap E. (2009). Decision Making by Hybrid Probabilistic-Possibilistic Utility Theory. Panoeconomicus, 56(4), 421-433. doi:10.2298/PAN0904421P
Section
Original scientific paper