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Subjective Expected Utility Theory without States of the World

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Author Info
Edi Karni

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Abstract

This paper develops an axiomatic theory of decision making under uncertainty that dispenses with the state space. The results are subjective expected utility models with unique, action-dependent, subjective probabilities, and a utility function defined over wealth-effect pairs that is unique up to positive linear transformation.

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Paper provided by The Johns Hopkins University,Department of Economics in its series Economics Working Paper Archive with number 523.

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Date of creation: Aug 2005
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Handle: RePEc:jhu:papers:523

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References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
  1. Wakker, Peter, 1987. "Subjective probabilities for state dependent continuous utility," Mathematical Social Sciences, Elsevier, vol. 14(3), pages 289-298, December. [Downloadable!] (restricted)
  2. Luce, R Duncan & Krantz, David H, 1971. "Conditional Expected Utility," Econometrica, Econometric Society, vol. 39(2), pages 253-71, March. [Downloadable!] (restricted)
  3. Itzhak Gilboa & David Schmeidler, 2004. "Subjective Distributions," Theory and Decision, Springer, vol. 56(4), pages 345-357, 01. [Downloadable!] (restricted)
    Other versions:
  4. Costis Skiadas, 1997. "Conditioning and Aggregation of Preferences," Econometrica, Econometric Society, vol. 65(2), pages 347-368, March.
  5. Itzhak Gilboa, 1993. "Hempel, Good and Bayes," Discussion Papers 1045, Northwestern University, Center for Mathematical Studies in Economics and Management Science. [Downloadable!]
  6. Edi Karni, 2005. "Foundations of Bayesian Theory," Economics Working Paper Archive 524, The Johns Hopkins University,Department of Economics. [Downloadable!]
    Other versions:
  7. Karni, Edi, 1996. "Probabilities and Beliefs," Journal of Risk and Uncertainty, Springer, vol. 13(3), pages 249-62, November.
  8. repec:cup:cbooks:9780521622448 is not listed on IDEAS
  9. Oliver Hart & Bengt Holmstrom, 1986. "The Theory of Contracts," Working papers 418, Massachusetts Institute of Technology (MIT), Department of Economics.
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Cited by:
(explanations, Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.)

  1. Jacob Gyntelberg & Frank Hansen, 2004. "Expected Utility Theory with “Small Worlds”," FRU Working Papers 2004/04, University of Copenhagen. Department of Economics. Finance Research Unit. [Downloadable!]
  2. Edi Karni, 2007. "Bayesian Decision Theory and the Representation of Beliefs," Levine's Bibliography 321307000000000776, UCLA Department of Economics. [Downloadable!]
    Other versions:
  3. Edi Karni, 2005. "A New Approach to Modeling Decision-Making under Uncertainty and Defining Subjective Probabilities," Economics Working Paper Archive 519, The Johns Hopkins University,Department of Economics. [Downloadable!]
  4. Jacob Gyntelberg & Frank Hansen, 2004. "Expected utility theory with ”small worlds”," Discussion Papers 04-20, University of Copenhagen. Department of Economics, revised Jan 2005. [Downloadable!]
  5. Edi Karni, 2008. "Agency theory: choice-based foundations of the parametrized distribution formulation," Economic Theory, Springer, vol. 36(3), pages 337-351, September. [Downloadable!] (restricted)
  6. Edi Karni, 2009. "A Theory of Bayesian Decision Making," Economics Working Paper Archive 550, The Johns Hopkins University,Department of Economics. [Downloadable!]
  7. Massimiliano Amarante, 2006. "States, models and information: A reconsideration of Ellsberg's paradox," Discussion Papers 0506-18, Columbia University, Department of Economics. [Downloadable!]
  8. Svetlana Boyarchenko & Sergei Levendorskii, 2005. "Discount factors ex post and ex ante, and discounted utility anomalies," Microeconomics 0510013, EconWPA, revised 17 Nov 2005. [Downloadable!]
  9. Edi Karni, 2009. "A theory of medical decision making under uncertainty," Journal of Risk and Uncertainty, Springer, vol. 39(1), pages 1-16, August. [Downloadable!] (restricted)
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