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American Economic Journal: Microeconomics: Vol. 6 No. 1 (February 2014)

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Extension Rules or What Would the Sage Do?

Article Citation

Lehrer, Ehud, and Roee Teper. 2014. "Extension Rules or What Would the Sage Do?" American Economic Journal: Microeconomics, 6(1): 5-22.

DOI: 10.1257/mic.6.1.5

Abstract

Quite often, decision makers face choices that involve new aspects and alternatives never considered before. Scenarios of this sort may arise, for instance, as a result of technological progress or from individual circumstances such as growing awareness. In such situations, simple inference rules, past experience, and knowledge about historic choice problems may prove helpful in determining what would be a reasonable action to take vis-a-vis a new problem. In the context of decision making under uncertainty, we introduce and study an extension rule that enables the decision maker to extend a preference order defined on a restricted domain.

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Authors

Lehrer, Ehud (Tel Aviv U and INSEAD, Fontainebleau)
Teper, Roee (U Pittsburgh)

JEL Classifications

D81: Criteria for Decision-Making under Risk and Uncertainty
D83: Search; Learning; Information and Knowledge; Communication; Belief

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