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Deriving Harsanyi’s Utilitarianism from De Finetti’s Book-Making Argument

  • Enrico Diecidue


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    The book-making argument was introduced by de Finetti as a principle to prove the existence and uniqueness of subjective probabilities. It has subsequently been accepted as a principle of rationality for decisions under uncertainty. This note shows that the book-making argument has relevant applications to welfare: it gives a new foundation for utilitarianism that is alternative to Harsanyi’s, it generalizes foundations based on the theorem of the alternative, and it avoids arguments based on expected utility. Copyright Springer Science+Business Media, LLC 2006

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    Article provided by Springer in its journal Theory and Decision.

    Volume (Year): 61 (2006)
    Issue (Month): 4 (December)
    Pages: 363-371

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    Handle: RePEc:kap:theord:v:61:y:2006:i:4:p:363-371
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