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Some Notes on Savage’s Representation Theorem

Author

Listed:
  • Gabriel Frahm

    (Helmut Schmidt University)

  • Lorenz Hartmann

    (University of Basel)

Abstract

Savage’s famous representation theorem is based on seven postulates of rational choice. We resolve some loose ends in the literature concerning the relationship between different versions of Savage’s axioms. This leads us to the present form of the representation theorem. We also discuss some issues regarding the historical development of Savage’s representation theorem.

Suggested Citation

  • Gabriel Frahm & Lorenz Hartmann, 2025. "Some Notes on Savage’s Representation Theorem," Theory and Decision, Springer, vol. 98(1), pages 85-93, February.
    • Handle: RePEc:kap:theord:v:98:y:2025:i:1:d:10.1007_s11238-024-10003-1
    DOI: 10.1007/s11238-024-10003-1
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    References listed on IDEAS

    as
    1. Lorenz Hartmann, 2020. "Savage's P3 Is Redundant," Econometrica, Econometric Society, vol. 88(1), pages 203-205, January.
    2. Abdellaoui, Mohammed & Wakker, Peter P., 2020. "Savage for dummies and experts," Journal of Economic Theory, Elsevier, vol. 186(C).
    3. Mikko Harju & Juuso Liesiö & Kai Virtanen, 2024. "Independent postulates for subjective expected utility," Theory and Decision, Springer, vol. 96(4), pages 597-606, June.
    4. Maxwell B. Stinchcombe, 1997. "Countably Additive Subjective Probabilities," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 64(1), pages 125-146.
    5. Wakker, Peter, 1993. "Clarification of some mathematical misunderstandings about Savage's foundations of statistics, 1954," Mathematical Social Sciences, Elsevier, vol. 25(2), pages 199-202, February.
    Full references (including those not matched with items on IDEAS)

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