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Savage's P3 Is Redundant

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  • Lorenz Hartmann

Abstract

Savage (1954) provided the first axiomatic characterization of expected utility without relying on any given probabilities or utilities. It is the most famous preference axiomatization existing. This note shows that Savage's axiom P3 is implied by the other axioms, which reveals its redundancy. It is remarkable that this was not noticed before as Savage's axiomatization has been studied and taught by hundreds of researchers for more than six decades.

Suggested Citation

  • Lorenz Hartmann, 2020. "Savage's P3 Is Redundant," Econometrica, Econometric Society, vol. 88(1), pages 203-205, January.
    • Handle: RePEc:wly:emetrp:v:88:y:2020:i:1:p:203-205
    DOI: 10.3982/ECTA17428
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    Cited by:

    1. Camacho, Franklin & Pino Pérez, Ramón, 2021. "Decision-making through Dominance Plausible Rule: New characterizations," Mathematical Social Sciences, Elsevier, vol. 113(C), pages 107-115.
    2. Monet, Benjamin & Vergopoulos, Vassili, 2022. "Subjective probability and stochastic independence," Journal of Mathematical Economics, Elsevier, vol. 103(C).
    3. Uyanik, Metin & Khan, M. Ali, 2022. "The continuity postulate in economic theory: A deconstruction and an integration," Journal of Mathematical Economics, Elsevier, vol. 101(C).
    4. Abdellaoui, Mohammed & Wakker, Peter P., 2020. "Savage for dummies and experts," Journal of Economic Theory, Elsevier, vol. 186(C).

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