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Rationalizability and the savage axioms

Author

Listed:
  • Kin Chung Lo

    (Department of Economics, York University, Toronto, Ontario, CANADA M3J 1P3)

Abstract

Suppose there is a finite set of acts defined on a finite state space and a decision maker chooses an act from the set. In this setting, the subjective expected utility model is observationally indistinguishable from all models of preference that satisfy Savage's axiom P3. The result has implications also for rationalizability in strategic games.

Suggested Citation

  • Kin Chung Lo, 2000. "Rationalizability and the savage axioms," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 15(3), pages 727-733.
    • Handle: RePEc:spr:joecth:v:15:y:2000:i:3:p:727-733
    Note: Received: September 18, 1998; revised version: January 29, 1999
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    Citations

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    Cited by:

    1. Jeremy Bulow & Paul Klemperer, 1998. "The Tobacco Deal," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 29(1998 Micr), pages 323-394.
    2. Kuzmics, Christoph, 2014. "Inferring preferences from choices under uncertainty," Center for Mathematical Economics Working Papers 462, Center for Mathematical Economics, Bielefeld University.
    3. Christoph Kuzmics & Brian W. Rogers & Xiannong Zhang, 2022. "An Ellsberg paradox for ambiguity aversion," Graz Economics Papers 2022-05, University of Graz, Department of Economics.
    4. Yi-Chun Chen & Xiao Luo, 2012. "An indistinguishability result on rationalizability under general preferences," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 51(1), pages 1-12, September.
    5. Zambrano, Eduardo, 2005. "Testable implications of subjective expected utility theory," Games and Economic Behavior, Elsevier, vol. 53(2), pages 262-268, November.
    6. Stephen Morris & Satoru Takahashi, 2012. "Games in Preference Form and Preference Rationalizability," Working Papers 1420, Princeton University, Department of Economics, Econometric Research Program..
    7. Epstein, Larry G., 2000. "Are Probabilities Used in Markets ?," Journal of Economic Theory, Elsevier, vol. 91(1), pages 86-90, March.
    8. Bulat Gafarov & Bruno Salcedo, 2015. "Ordinal dominance and risk aversion," Economic Theory Bulletin, Springer;Society for the Advancement of Economic Theory (SAET), vol. 3(2), pages 287-298, October.

    More about this item

    Keywords

    Revealed preference; Rationalizability; Expected utility; Ellsberg Paradox.;
    All these keywords.

    JEL classification:

    • C72 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory - - - Noncooperative Games
    • D81 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Criteria for Decision-Making under Risk and Uncertainty

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