State Dependent Expected Utility for Savage's State Space
نویسندگان
چکیده
منابع مشابه
State Dependent Expected Utility for Savage's State Space
This paper generalizes the Debreu/Gorman characterization of additively decomposable functionals and separable preferences to infinite dimensions. The first novelty concerns the very definition of additively decomposable functional for infinite dimensions. For decision under uncertainty, our result provides a state-dependent extension of Savage's expected utility. A characterization in terms of...
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The standard decision theories of Savage and of Anscombe and Aumann both postulate that the domain of consequences is state independent. But this hypothesis makes no sense when, for instance, there is a risk of death or serious injury. The paper considers one possible way of deriving subjective probabilities and utilities in this case also. Moreover, the utilities will be state independent in t...
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ژورنال
عنوان ژورنال: Mathematics of Operations Research
سال: 1999
ISSN: 0364-765X,1526-5471
DOI: 10.1287/moor.24.1.8