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A Revealed Preference Theory for Expected Utility

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  • Green, Edward J
  • Osband, Kent

Abstract

Standard axiomatizations of expected-utility theory envision an agent with fixed probability assessments who can be observed to choose actions from varying opportunity sets (for instance, pairs of lotteries). These axiomatizations also envision that the agent's preferences among these actions depend on the state of nature only through clearly defined and observable consequences. This viewpoint may be unnecessarily restrictive as a basis for applying and evaluating the theory. The authors study instead the pattern of choices from a fixed set of actions as probability assessments change. Convexity and integrability conditions characterize maximization of expected state-dependent utility. Copyright 1991 by The Review of Economic Studies Limited.

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Bibliographic Info

Article provided by Wiley Blackwell in its journal Review of Economic Studies.

Volume (Year): 58 (1991)
Issue (Month): 4 (July)
Pages: 677-96

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Handle: RePEc:bla:restud:v:58:y:1991:i:4:p:677-96

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Cited by:
  1. Edward J. Green & In-Uck Park, 1993. "Bayes Consistent Plans," Game Theory and Information 9307002, EconWPA, revised 27 Feb 1994.
  2. Sarin, Rakesh & Wakker, Peter, 1997. "A Single-Stage Approach to Anscombe and Aumann's Expected Utility," Review of Economic Studies, Wiley Blackwell, vol. 64(3), pages 399-409, July.
  3. Larry G. Epstein & Angelo Melino, 1993. "A Revealed Preference Analysis of Asset Pricing Under Recursive Utility," NBER Working Papers 4524, National Bureau of Economic Research, Inc.
  4. Green, Edward J. & Park, In-Uck, 1996. "Bayes contingent plans," Journal of Economic Behavior & Organization, Elsevier, vol. 31(2), pages 225-236, November.
  5. Ormiston, Michael B. & E. Schlee, Edward, 1999. "Comparative statics tests between decision models under risk," Journal of Mathematical Economics, Elsevier, vol. 32(2), pages 145-166, October.

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