About

Start your brilliant career with a degree from Australia's #1 ranked university.

Study with us

Our graduates gain the knowledge and skills to lead organisations, develop public policy, create new companies and undertake research.

Our research

Our academic staff are at the forefront of global thinking on issues relating to wealth and wellbeing, strong organisations, transformative innovation, and the

Student resources

Information about program and course selection, enrolment, change of program, variation to enrolment, status and other general matters.

Alumni

Our alumni may be found in the world’s leading companies, policy agencies and universities.

Contact us

Find contact details for any general enquiries.

A preference model for choice subject to surprise

A preference model for choice subject to surprise

Simon Grant and John Quiggin

Grant and Quiggin (Econ Theo 54:717–755, 2013a, J Econ Behav Organ 93:17–31, 2013b) suggest that agents employ heuristics to constrain the set of acts under consideration before applying standard decision theory, based on their restricted model of the world to the remaining acts. The aim of this paper is to provide an axiomatic foundation, and an associated representation theorem, for the preference model proposed by Grant and Quiggin.

The unawareness of the agent is encoded both in the specification of the states and in an elaboration of the set of consequences. We illustrate how the representation can be applied to rationalize two notions of the precautionary principle that were proposed and discussed in Grant and Quiggin (J Econ Behav Organ 93:17–31, 2013b).

Partnership opportunities available

Our College is actively engaged in partnering with industry for the co-creation of value in areas congruent with our research agenda

Find out more >>

Other research you might be interested in

Updated:   18 February 2017 / Responsible Officer:  Dean, Business & Economics / Page Contact:  College Web Team