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Axioms for a Class of Algorithms of Sequential Decision Making

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Algorithmic Decision Theory (ADT 2009)

Part of the book series: Lecture Notes in Computer Science ((LNAI,volume 5783))

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Abstract

We axiomatically characterise a class of algorithms for making sequential decisions in situations of complete ignorance. These algorithms assume that a decision maker (DM) (human or or a software agent) has exogenously defined utilities for prizes and she uses the empirical distribution of prizes to calculate the “expected utility” of each action maximising this expected utility at each stage of the decision making process. We show that this class of algorithms is defined by three simple axioms that highlight the independence of the given actions, the bounded rationality of the agent, and the principle of insufficient reason at margin.

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Author information

Authors and Affiliations

  1. Economics Discipline, University of Sydney, NSW, 2006, Australia

    Murali Agastya

  2. Department of Mathematics, The University of Auckland, Private Bag, 92019, Auckland, New Zealand

    Arkadii Slinko

Authors
  1. Murali Agastya
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  2. Arkadii Slinko
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Editor information

Editors and Affiliations

  1. Department of Pure and Applied Mathematics, University of Padova, Via Trieste 63, 35121, Padova, Italy

    Francesca Rossi

  2. LAMSADE-CNRS, University of Paris Dauphine, Place du Maréchal De Lattre de Tassigny, 75775, Paris Cedex 16, France

    Alexis Tsoukias

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© 2009 Springer-Verlag Berlin Heidelberg

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Agastya, M., Slinko, A. (2009). Axioms for a Class of Algorithms of Sequential Decision Making. In: Rossi, F., Tsoukias, A. (eds) Algorithmic Decision Theory. ADT 2009. Lecture Notes in Computer Science(), vol 5783. Springer, Berlin, Heidelberg. https://doi.org/10.1007/978-3-642-04428-1_31

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  • DOI: https://doi.org/10.1007/978-3-642-04428-1_31

  • Publisher Name: Springer, Berlin, Heidelberg

  • Print ISBN: 978-3-642-04427-4

  • Online ISBN: 978-3-642-04428-1

  • eBook Packages: Computer ScienceComputer Science (R0)

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