Second Order Effects in Interval Valued Decision Graph Models

Love Ekenberg, Stockholm University; Mats Danielson, örebro University; and Aron Larsson, Mid Sweden University

Second-order calculations may significantly increase a decision maker’s understanding of a decision situation when handling aggregations of imprecise representations, as is the case in decision trees or influence diagrams, while the use of only first-order results gives an incomplete picture. The results apply also to approaches which do not explicitly deal with second-order distributions, instead using only first-order concepts such as upper and lower bounds.

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