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An Axiomatization of Utility and Subjective Probability Based on Objective Probability

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Author Info
Mamoru Kaneko (University of Tsukuba)

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Abstract

This paper provides an axiomatic model based on an extraneous random device generating objective probabilities for the derivation of expected utilities and subjective probabilities. Four basic axioms fully determine a real-valued utility function and a finitely additive subjective probability measure. The restrictions of these axioms to lotteries depending only upon events of the random device yield the von Neumann-Morgenstern axioms.

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File URL: http://cowles.econ.yale.edu/P/cd/d07a/d0746.pdf
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Publisher Info
Paper provided by Cowles Foundation, Yale University in its series Cowles Foundation Discussion Papers with number 746.

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Length: 26 pages
Date of creation: Apr 1985
Date of revision:
Handle: RePEc:cwl:cwldpp:746

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Postal: Cowles Foundation, Yale University, Box 208281, New Haven, CT 06520-8281 USA

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Related research
Keywords: Real-world event; auxiliary event; objective probabilities; subjective probabilities; von Neumann-Morgenstern axioms;

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This page was last updated on 2009-12-14.

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