Decision Making with Monotone Lower Probabilities of Infinite Order
Published Online:1 Aug 1999https://doi.org/10.1287/moor.24.3.767
Abstract
Properties of convex and monotone capacities of infinite order in Polish spaces are studied and used to justify the representation of certain situations of imprecise risk (imprecisely known probabilities) by lower probabilities, which are monotone of infinite order. Decision making with imprecise risk is then modeled, and linear utility theory is shown to be generalizable to the case of imprecise risk.
