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

Author

Listed:
  • Itzhak Gilboa

    (GREGH - Groupement de Recherche et d'Etudes en Gestion à HEC - HEC Paris - Ecole des Hautes Etudes Commerciales - CNRS - Centre National de la Recherche Scientifique)

  • Stefania Minardi

    (GREGH - Groupement de Recherche et d'Etudes en Gestion à HEC - HEC Paris - Ecole des Hautes Etudes Commerciales - CNRS - Centre National de la Recherche Scientifique)

  • Larry Samuelson

    (Department of Economics - Yale University [New Haven])

  • David Schmeidler

    (TAU - Tel Aviv University)

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 prefer- ences 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

  • Itzhak Gilboa & Stefania Minardi & Larry Samuelson & David Schmeidler, 2018. "States and Eventualities: How to Understand Savage Without Anyone Being Hanged," Working Papers hal-01933883, HAL.
  • Handle: RePEc:hal:wpaper:hal-01933883
    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.

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    JEL classification:

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

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