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Subjective expected utility theory without states of the world

  • Karni, Edi

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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File URL: http://www.sciencedirect.com/science/article/B6VBY-4JF8HNX-2/2/9ca9722759ebe1917e5911866e309a3c
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Article provided by Elsevier in its journal Journal of Mathematical Economics.

Volume (Year): 42 (2006)
Issue (Month): 3 (June)
Pages: 325-342

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Handle: RePEc:eee:mateco:v:42:y:2006:i:3:p:325-342
Contact details of provider: Web page: http://www.elsevier.com/locate/jmateco

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  1. repec:cup:cbooks:9780521003117 is not listed on IDEAS
  2. repec:cup:cbooks:9780521802345 is not listed on IDEAS
  3. Itzhak Gilboa, 1993. "Hempel, Good and Bayes," Discussion Papers 1045, Northwestern University, Center for Mathematical Studies in Economics and Management Science.
  4. Karni, Edi, 2007. "Foundations of Bayesian theory," Journal of Economic Theory, Elsevier, vol. 132(1), pages 167-188, January.
  5. Karni, Edi, 1996. "Probabilities and Beliefs," Journal of Risk and Uncertainty, Springer, vol. 13(3), pages 249-62, November.
  6. Luce, R Duncan & Krantz, David H, 1971. "Conditional Expected Utility," Econometrica, Econometric Society, vol. 39(2), pages 253-71, March.
  7. James A. Mirrlees, 1976. "The Optimal Structure of Incentives and Authority Within an Organization," Bell Journal of Economics, The RAND Corporation, vol. 7(1), pages 105-131, Spring.
  8. Itzhak Gilboa & David Schmeidler, 2001. "Subjective Distributions," Cowles Foundation Discussion Papers 1341, Cowles Foundation for Research in Economics, Yale University.
  9. Wakker, Peter, 1987. "Subjective probabilities for state dependent continuous utility," Mathematical Social Sciences, Elsevier, vol. 14(3), pages 289-298, December.
  10. repec:cup:cbooks:9780521785235 is not listed on IDEAS
  11. repec:cup:cbooks:9780521622448 is not listed on IDEAS
  12. Costis Skiadas, 1997. "Conditioning and Aggregation of Preferences," Econometrica, Econometric Society, vol. 65(2), pages 347-368, March.
  13. Karni Edi, 1993. "Subjective Expected Utility Theory with State-Dependent Preferences," Journal of Economic Theory, Elsevier, vol. 60(2), pages 428-438, August.
  14. Oliver Hart & Bengt Holmstrom, 1986. "The Theory of Contracts," Working papers 418, Massachusetts Institute of Technology (MIT), Department of Economics.
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