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A note on uncertainty and perception concerning measurable utility

Author

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  • Qin, Cheng-Zhong
  • Shubik, Martin

Abstract

A linkage to reconcile measurable utility derived from intensity comparisons or from probability mixtures is provided in this note. This brief note is in honor of Lloyd Shapley whose relatively unknown seminal paper on measurable utility from axioms involving the fineness of perception offered a different view on utility measurement.

Suggested Citation

  • Qin, Cheng-Zhong & Shubik, Martin, 2015. "A note on uncertainty and perception concerning measurable utility," Economics Letters, Elsevier, vol. 130(C), pages 83-84.
    • Handle: RePEc:eee:ecolet:v:130:y:2015:i:c:p:83-84
    DOI: 10.1016/j.econlet.2015.03.003
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    Cited by:

    1. Miyake, Mitsunobu, 2016. "Logarithmically homogeneous preferences," Journal of Mathematical Economics, Elsevier, vol. 67(C), pages 1-9.

    More about this item

    Keywords

    Measurable utility; Uncertainty or perception; Consistency;
    All these keywords.

    JEL classification:

    • D81 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Criteria for Decision-Making under Risk and Uncertainty
    • D89 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Other

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