Deriving Harsanyiâ€™s Utilitarianism from De Finettiâ€™s Book-Making Argument
AbstractThe book-making argument was introduced by de Finetti as a principle to prove the existence and uniqueness of subjective probabilities. It has subsequently been accepted as a principle of rationality for decisions under uncertainty. This note shows that the book-making argument has relevant applications to welfare: it gives a new foundation for utilitarianism that is alternative to Harsanyiâ€™s, it generalizes foundations based on the theorem of the alternative, and it avoids arguments based on expected utility. Copyright Springer Science+Business Media, LLC 2006
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Bibliographic InfoArticle provided by Springer in its journal Theory and Decision.
Volume (Year): 61 (2006)
Issue (Month): 4 (December)
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Web page: http://www.springerlink.com/link.asp?id=100341
book-making argument; policy independence; utilitarianism; D60; D71; D81;
Find related papers by JEL classification:
- D60 - Microeconomics - - Welfare Economics - - - General
- D71 - Microeconomics - - Analysis of Collective Decision-Making - - - Social Choice; Clubs; Committees; Associations
- D81 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Criteria for Decision-Making under Risk and Uncertainty
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