Subjective expected utility without preferences
AbstractThis 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.
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Date of creation: 14 Jun 2011
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Subjective Expected Utility ; Conjoint Measurement;
This paper has been announced in the following NEP Reports:
- NEP-ALL-2011-07-21 (All new papers)
- NEP-EVO-2011-07-21 (Evolutionary Economics)
- NEP-GTH-2011-07-21 (Game Theory)
- NEP-MIC-2011-07-21 (Microeconomics)
- NEP-UPT-2011-07-21 (Utility Models & Prospect Theory)
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