Continuous subjective expected utility with 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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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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A reference-dependent generalisation of subjective expected utility theory is presented. In this theory, preferences between acts depend both on final outcomes and on reference points (which may be uncertain acts). It is characterised by a set of axioms in a Savage-style framework. A restricted form of the theory separates attitudes to end states (encoded in a ‘satisfaction function’) from atti...
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ژورنال
عنوان ژورنال: Journal of Mathematical Economics
سال: 1989
ISSN: 0304-4068
DOI: 10.1016/0304-4068(89)90002-5