Expected utility with purely subjective non-additive probabilities
نویسندگان
چکیده
منابع مشابه
Expected Utility with Purely Subjective Non-additive Probabilities
Acts are functions from the set of states of the world into the set of consequences. Savage proposed axioms regarding a binary relation on the set of acts which are necessary and sufftcient for it to be representable by the functional gu(.)dP for some real-valued (utility) function u on the set of consequences and a (probability) measure P on the set of states of the world. The Ellsberg paradox...
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The Maxmin Expected Utility decision rule suggests that the decision maker can be characterized by a utility function and a set of prior probabilities, such that the chosen act maximizes the minimal expected utility, where the minimum is taken over the priors in the set. Gilboa and Schmeidler axiomatized the maxmin decision rule in an environment where acts map states of nature into simple lott...
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We consider decision makers who know that payoff-relevant observations are generated by a process that belongs to a given class M, as postulated in Wald [Wald A (1950) Statistical Decision Functions (Wiley, New York)]. We incorporate this Waldean piece of objective information within an otherwise subjective setting à la Savage [Savage LJ (1954) The Foundations of Statistics (Wiley, New York)] a...
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This paper explores alternative axiomatizations of subjective expected utility theory for decision makers with direct preferences over actions; including a general subjective expected utility representation with actiondependent utility, and separately additive representations. In the context of the state-space formulation of agency theory the results of this paper constitute axiomatic foundatio...
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ژورنال
عنوان ژورنال: Journal of Mathematical Economics
سال: 1987
ISSN: 0304-4068
DOI: 10.1016/0304-4068(87)90022-x