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Subjective expected utility without preferences

Author

Listed:
  • Denis Bouyssou

    (LAMSADE - Laboratoire d'analyse et modélisation de systèmes pour l'aide à la décision - Université Paris Dauphine-PSL - PSL - Université Paris Sciences et Lettres - CNRS - Centre National de la Recherche Scientifique)

  • Thierry Marchant

    (Department of Data Analysis - UGENT - Universiteit Gent = Ghent University)

Abstract

This paper proposes a theory of subjective expected utility based on primitives only involving the fact that an act can be judged either "attractive" or "unattractive". We give conditions implying that there are a utility function on the set of consequences and a probability distribution on the set of states such that attractive acts have a subjective expected utility above some threshold. The numerical representation that is obtained has strong uniqueness properties.
(This abstract was borrowed from another version of this item.)

Suggested Citation

  • Denis Bouyssou & Thierry Marchant, 2011. "Subjective expected utility without preferences," Post-Print hal-02359811, HAL.
    • Handle: RePEc:hal:journl:hal-02359811
    DOI: 10.1016/j.jmp.2011.08.006
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    References listed on IDEAS

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    1. Tversky, Amos & Kahneman, Daniel, 1992. "Advances in Prospect Theory: Cumulative Representation of Uncertainty," Journal of Risk and Uncertainty, Springer, vol. 5(4), pages 297-323, October.
    2. Veronika K–bberling & Peter P. Wakker, 2004. "A Simple Tool for Qualitatively Testing, Quantitatively Measuring, and Normatively Justifying Savage's Subjective Expected Utility," Journal of Risk and Uncertainty, Springer, vol. 28(2), pages 135-145, March.
    3. Bouyssou, Denis & Marchant, Thierry, 2007. "An axiomatic approach to noncompensatory sorting methods in MCDM, II: More than two categories," European Journal of Operational Research, Elsevier, vol. 178(1), pages 246-276, April.
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    7. Gilboa,Itzhak, 2009. "Theory of Decision under Uncertainty," Cambridge Books, Cambridge University Press, number 9780521517324.
    8. Bouyssou, Denis & Marchant, Thierry, 2007. "An axiomatic approach to noncompensatory sorting methods in MCDM, I: The case of two categories," European Journal of Operational Research, Elsevier, vol. 178(1), pages 217-245, April.
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    14. Bouyssou, Denis & Marchant, Thierry, 2010. "Additive conjoint measurement with ordered categories," European Journal of Operational Research, Elsevier, vol. 203(1), pages 195-204, May.
    15. Denis Bouyssou & Thierry Marchant, 2011. "Biorders with Frontier," Post-Print hal-02359814, HAL.
    16. Denis Bouyssou & Thierry Marchant, 2009. "Ordered categories and additive conjoint measurement on connected sets," Post-Print hal-02361900, HAL.
    17. Mohammed Abdellaoui & Peter Wakker, 2005. "The Likelihood Method for Decision under Uncertainty," Theory and Decision, Springer, vol. 58(1), pages 3-76, February.
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    21. Sugden, Robert, 2003. "Reference-dependent subjective expected utility," Journal of Economic Theory, Elsevier, vol. 111(2), pages 172-191, August.
    22. Bouyssou, Denis & Marchant, Thierry, 2010. "Additive conjoint measurement with ordered categories," European Journal of Operational Research, Elsevier, vol. 203(1), pages 195-204, May.
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    Cited by:

    1. David B. Brown & Enrico De Giorgi & Melvyn Sim, 2012. "Aspirational Preferences and Their Representation by Risk Measures," Management Science, INFORMS, vol. 58(11), pages 2095-2113, November.

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