Binary Diversification Characterizes Exact Capacities

• 成果类型: Article; Early Access
• 署名作者: Hartmann, Lorenz; Kauffeldt, T. Florian
• 署名单位: University of Basel
• 刊物名称: OPERATIONS RESEARCH
• ISSN/ISSBN: 0030-364X
• DOI: 10.1287/opre.2023.0329
• 发表日期: 2025
• 关键词: expected utility; ambiguity; preferences

摘要

Suggestion for abstract without references: In this paper, we present the first axiomatic characterization of preferences that can be represented by a Choquet integral with respect to an exact capacity. The characterizing axiom, binary diversification, is novel and reflects an inclination for bets on events, thereby capturing a specific type of ambiguity aversion. Furthermore, we demonstrate that the three capacity classes balanced, exact, and convex fully exhaust all levels of our family of k-nary diversification axioms-a unifying framework for the two most popular definitions of ambiguity aversion. We demonstrate that k-nary diversification has a clear interpretation regarding its dual-self expected utility representation. Finally, we illustrate an implication for multiobjective shortest-path problems to demonstrate that our results can be applied in other research fields in which the Choquet integral is utilized.