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A Derivation of Expected Utility Maximization in the Context of a Game

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Author Info

  • Itzhak Gilboa

    (Tel Aviv University)

  • David Schmeidler

    (Tel Aviv University)

Abstract

A decision maker faces a decision problem, or a game against nature. For each probability distribution over the state of the world (nature's strategies), she has a weak order over her acts (pure strategies). We formulate conditions on these weak orders guaranteeing that they can be jointly represented by expected utility maximization with respect to an almost-unique state-dependent utility, that is, a matrix assigning real numbers to act-state pairs. As opposed to a utility function that is derived in another context, the utility matrix derived in the game will incorporate all psychological or sociological determinants of well-being that result from the very fact that the outcomes are obtained in a given game.

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File URL: http://cowles.econ.yale.edu/P/cd/d13a/d1342.pdf
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Bibliographic Info

Paper provided by Cowles Foundation for Research in Economics, Yale University in its series Cowles Foundation Discussion Papers with number 1342.

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Length: 23 pages
Date of creation: Dec 2001
Date of revision:
Publication status: Published in Games and Economic Behavior (July 2003), 44(1): 172-182
Handle: RePEc:cwl:cwldpp:1342

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Related research

Keywords: Expected utility; ultimatum game;

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Cited by:
  1. O’Callaghan, Patrick, 2011. "Context and Decision: Utility on a Union of Mixture Spaces," The Warwick Economics Research Paper Series (TWERPS) 973, University of Warwick, Department of Economics.
  2. O'Callaghan, Patrick, 2013. "Ordinal, nonlinear context dependence," Risk and Sustainable Management Group Working Papers 152450, University of Queensland, School of Economics.
  3. Azrieli, Yaron, 2011. "Axioms for Euclidean preferences with a valence dimension," Journal of Mathematical Economics, Elsevier, vol. 47(4-5), pages 545-553.
  4. Castillo, Marco E. & Cross, Philip J., 2008. "Of mice and men: Within gender variation in strategic behavior," Games and Economic Behavior, Elsevier, vol. 64(2), pages 421-432, November.

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