Deriving Harsanyiâ€™s Utilitarianism from De Finettiâ€™s Book-Making Argument
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 Harsanyiâ€™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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