Publication Date
8-2013
Abstract
Often, in decision making situations, we do not know the exact value of a gain resulting from making each decision, we only know the bounds on this gain. To make a reasonable decision under such interval uncertainty, it makes sense to estimate the fair price of each alternative, and then to select the alternative with the highest price. In this paper, we show that the value of the fair price can be uniquely determined from some reasonable requirements: e.g., the additivity requirement, that the fair price of two objects together should be equal to the sum of the fair prices of both objects.
Comments
Technical Report: UTEP-CS-13-48
To appear in Journal of Uncertain Systems, 2014, Vol. 8.