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States and Eventualities: How to Understand Savage Without Anyone Being Hanged

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  • Gilboa, Itzhak
  • Minardi, Stefania
  • Samuelson, Larry
  • Schmeidler, David

Abstract

We discuss the notion of a state of the world in axiomatic decision theory, and argue that it should be viewed as an "eventuality" that is implicitly assumed to be independent of the process by which preferences are observed. The distinction between states, which are assumed to resolve all uncertainty, and eventualities suggests certain limitations on the axiomatic approach for defining and measuring mental concepts (such as belief ) by observed choices

Suggested Citation

  • Gilboa, Itzhak & Minardi, Stefania & Samuelson, Larry & Schmeidler, David, 2018. "States and Eventualities: How to Understand Savage Without Anyone Being Hanged," HEC Research Papers Series 1267, HEC Paris.
    • Handle: RePEc:ebg:heccah:1267
    DOI: 10.2139/ssrn.3178741
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    Cited by:

    1. Eichberger, Jürgen & Pirner, Hans Jürgen, 2018. "Decision theory with a state of mind represented by an element of a Hilbert space: The Ellsberg paradox," Journal of Mathematical Economics, Elsevier, vol. 78(C), pages 131-141.

    More about this item

    Keywords

    axiomatic; decision; theory;
    All these keywords.

    JEL classification:

    • A10 - General Economics and Teaching - - General Economics - - - General

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