IDEAS home Printed from https://ideas.repec.org/a/eee/mateco/v32y1999i1p1-19.html

A unified derivation of classical subjective expected utility models through cardinal utility

Author

Listed:
  • Wakker, Peter P.
  • Zank, Horst

Abstract

No abstract is available for this item.

Suggested Citation

  • Wakker, Peter P. & Zank, Horst, 1999. "A unified derivation of classical subjective expected utility models through cardinal utility," Journal of Mathematical Economics, Elsevier, vol. 32(1), pages 1-19, August.
    • Handle: RePEc:eee:mateco:v:32:y:1999:i:1:p:1-19
    as

    Download full text from publisher

    File URL: http://www.sciencedirect.com/science/article/pii/S0304-4068(98)00045-7
    Download Restriction: Full text for ScienceDirect subscribers only
    ---><---

    As the access to this document is restricted, you may want to

    for a different version of it.

    References listed on IDEAS

    as
    1. Segal, Uzi, 1993. "Order indifference and rank-dependent probabilities," Journal of Mathematical Economics, Elsevier, vol. 22(4), pages 373-397.
    2. Nakamura Y., 1996. "Rank dependent utility for arbitrary consequnce spaces," Mathematical Social Sciences, Elsevier, vol. 31(1), pages 54-54, February.
    3. Quiggin John & Wakker Peter, 1994. "The Axiomatic Basis of Anticipated Utility: A Clarification," Journal of Economic Theory, Elsevier, vol. 64(2), pages 486-499, December.
    4. repec:bla:econom:v:44:y:1977:i:176:p:351-58 is not listed on IDEAS
    5. Sarin, Rakesh K & Wakker, Peter, 1992. "A Simple Axiomatization of Nonadditive Expected Utility," Econometrica, Econometric Society, vol. 60(6), pages 1255-1272, November.
    6. Schmeidler, David, 1989. "Subjective Probability and Expected Utility without Additivity," Econometrica, Econometric Society, vol. 57(3), pages 571-587, May.
    7. Quiggin, John & Horowitz, John, 1995. "Time and Risk," Journal of Risk and Uncertainty, Springer, vol. 10(1), pages 37-55, January.
    8. Peter Wakker & Daniel Deneffe, 1996. "Eliciting von Neumann-Morgenstern Utilities When Probabilities Are Distorted or Unknown," Management Science, INFORMS, vol. 42(8), pages 1131-1150, August.
    9. Luce, R Duncan, 1988. "Rank-Dependent, Subjective Expected-Utility Representations," Journal of Risk and Uncertainty, Springer, vol. 1(3), pages 305-332, September.
    10. d'Aspremont, Cl. & GEVERS, L., 1990. "Invariance, neutrality and weakly continuous expected utility," LIDAM Discussion Papers CORE 1990046, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
    11. Luce, R Duncan, 1998. "Coalescing, Event Commutativity, and Theories of Utility," Journal of Risk and Uncertainty, Springer, vol. 16(1), pages 87-114, April.
    12. Robert J. Aumann, 2025. "A Definition of Subjective Probability," World Scientific Book Chapters, in: SELECTED CONTRIBUTIONS TO GAME THEORY, chapter 2, pages 43-53, World Scientific Publishing Co. Pte. Ltd..
    13. Gilboa, Itzhak & Schmeidler, David, 1989. "Maxmin expected utility with non-unique prior," Journal of Mathematical Economics, Elsevier, vol. 18(2), pages 141-153, April.
    14. Hong Chew Soo & Epstein Larry G. & Wakker Peter, 1993. "A Unifying Approach to Axiomatic Non-expected Utility Theories: Correction and Comment," Journal of Economic Theory, Elsevier, vol. 59(1), pages 183-188, February.
    15. Nakamura, Yutaka, 1990. "Subjective expected utility with non-additive probabilities on finite state spaces," Journal of Economic Theory, Elsevier, vol. 51(2), pages 346-366, August.
    16. D'Aspremont, C. & Gevers, L., 1990. "Invariance, Neutrality And Weakly Continuous Expected Utility," Papers 104, Notre-Dame de la Paix, Sciences Economiques et Sociales.
    17. Wakker, Peter & Tversky, Amos, 1993. "An Axiomatization of Cumulative Prospect Theory," Journal of Risk and Uncertainty, Springer, vol. 7(2), pages 147-175, October.
    18. Hong Chew Soo & Karni Edi, 1994. "Choquet Expected Utility with a Finite State Space: Commutativity and Act-Independence," Journal of Economic Theory, Elsevier, vol. 62(2), pages 469-479, April.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Stanca, Lorenzo, 2021. "Smooth aggregation of Bayesian experts," Journal of Economic Theory, Elsevier, vol. 196(C).
    2. Miyake, Mitsunobu, 2016. "Logarithmically homogeneous preferences," Journal of Mathematical Economics, Elsevier, vol. 67(C), pages 1-9.
    3. repec:dau:papers:123456789/2101 is not listed on IDEAS
    4. Ha-Huy, Thai, 2019. "Savage's theorem with atoms," MPRA Paper 96108, University Library of Munich, Germany.
    5. Meng, Jingyi & Webb, Craig S. & Zank, Horst, 2024. "Mixture independence foundations for expected utility," Journal of Mathematical Economics, Elsevier, vol. 111(C).
    6. Mohammed Abdellaoui & Horst Zank, 2023. "Source and rank-dependent utility," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 75(4), pages 949-981, May.
    7. Veronika Köbberling & Peter P. Wakker, 2003. "Preference Foundations for Nonexpected Utility: A Generalized and Simplified Technique," Mathematics of Operations Research, INFORMS, vol. 28(3), pages 395-423, August.
    8. Denis Bouyssou & Thierry Marchant, 2011. "Subjective expected utility without preferences," Post-Print hal-02359811, HAL.
    9. Bouyssou, Denis & Pirlot, Marc, 2004. "A note on Wakker's Cardinal Coordinate Independence," Mathematical Social Sciences, Elsevier, vol. 48(1), pages 11-22, July.
    10. Mohammed Abdellaoui & Horst Zank, 2022. "Source and Rank-dependent Utility," Post-Print hal-03924295, HAL.
    11. Schmidt, Ulrich & Zank, Horst, 2001. "A new axiomatization of rank-dependent expected utility with tradeoff consistency for equally likely outcomes," Journal of Mathematical Economics, Elsevier, vol. 35(4), pages 483-491, July.

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Veronika Köbberling & Peter P. Wakker, 2003. "Preference Foundations for Nonexpected Utility: A Generalized and Simplified Technique," Mathematics of Operations Research, INFORMS, vol. 28(3), pages 395-423, August.
    2. Wakker, Peter, 1996. "The sure-thing principle and the comonotonic sure-thing principle: An axiomatic analysis," Journal of Mathematical Economics, Elsevier, vol. 25(2), pages 213-227.
    3. Nakamura Y., 1996. "Rank dependent utility for arbitrary consequnce spaces," Mathematical Social Sciences, Elsevier, vol. 31(1), pages 54-54, February.
    4. Schmidt, Ulrich & Zank, Horst, 2009. "A simple model of cumulative prospect theory," Journal of Mathematical Economics, Elsevier, vol. 45(3-4), pages 308-319, March.
    5. Casadesus-Masanell, Ramon & Klibanoff, Peter & Ozdenoren, Emre, 2000. "Maxmin Expected Utility over Savage Acts with a Set of Priors," Journal of Economic Theory, Elsevier, vol. 92(1), pages 35-65, May.
    6. Chateauneuf, Alain, 1999. "Comonotonicity axioms and rank-dependent expected utility theory for arbitrary consequences," Journal of Mathematical Economics, Elsevier, vol. 32(1), pages 21-45, August.
    7. Ramon Casadesus-Masanell & Peter Klibanoff & Emre Ozdenoren, 1998. "Maximum Expected Utility over Savage Acts with a Set of Priors," Discussion Papers 1218, Northwestern University, Center for Mathematical Studies in Economics and Management Science.
    8. Xiangyu Qu, 2015. "Purely subjective extended Bayesian models with Knightian unambiguity," Theory and Decision, Springer, vol. 79(4), pages 547-571, December.
    9. Nakamura, Yutaka, 1995. "Probabilistically sophisticated rank dependent utility," Economics Letters, Elsevier, vol. 48(3-4), pages 441-447, June.
    10. Ludwig, Alexander & Zimper, Alexander, 2006. "Investment behavior under ambiguity: The case of pessimistic decision makers," Mathematical Social Sciences, Elsevier, vol. 52(2), pages 111-130, September.
    11. Dominiak, Adam & Lefort, Jean-Philippe, 2015. "“Agreeing to disagree” type results under ambiguity," Journal of Mathematical Economics, Elsevier, vol. 61(C), pages 119-129.
    12. Alexander Ludwig & Alexander Zimper, 2004. "Rational Expectations and Ambiguity: A Comment on Abel," MEA discussion paper series 04066, Munich Center for the Economics of Aging (MEA) at the Max Planck Institute for Social Law and Social Policy.
    13. Diecidue, Enrico & Wakker, Peter P, 2001. "On the Intuition of Rank-Dependent Utility," Journal of Risk and Uncertainty, Springer, vol. 23(3), pages 281-298, November.
    14. Ghirardato, Paolo & Marinacci, Massimo, 2002. "Ambiguity Made Precise: A Comparative Foundation," Journal of Economic Theory, Elsevier, vol. 102(2), pages 251-289, February.
    15. John Quiggin, 2022. "Production under uncertainty and choice under uncertainty in the emergence of generalized expected utility theory," Theory and Decision, Springer, vol. 92(3), pages 717-729, April.
    16. Chateauneuf, Alain & Eichberger, Jurgen & Grant, Simon, 2007. "Choice under uncertainty with the best and worst in mind: Neo-additive capacities," Journal of Economic Theory, Elsevier, vol. 137(1), pages 538-567, November.
    17. repec:dau:papers:123456789/7323 is not listed on IDEAS
    18. Wakker, Peter P. & Zank, Horst, 2002. "A simple preference foundation of cumulative prospect theory with power utility," European Economic Review, Elsevier, vol. 46(7), pages 1253-1271, July.
    19. Camerer, Colin & Weber, Martin, 1992. "Recent Developments in Modeling Preferences: Uncertainty and Ambiguity," Journal of Risk and Uncertainty, Springer, vol. 5(4), pages 325-370, October.
    20. Pavlo Blavatskyy, 2021. "A simple non-parametric method for eliciting prospect theory's value function and measuring loss aversion under risk and ambiguity," Theory and Decision, Springer, vol. 91(3), pages 403-416, October.
    21. Izhakian, Yehuda, 2020. "A theoretical foundation of ambiguity measurement," Journal of Economic Theory, Elsevier, vol. 187(C).

    More about this item

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:eee:mateco:v:32:y:1999:i:1:p:1-19. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Catherine Liu (email available below). General contact details of provider: http://www.elsevier.com/locate/jmateco .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.