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Representation theorems and the semantics of decision-theoretic concepts

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  • Mikaël Cozic
  • Brian Hill

Abstract

Contemporary decision theory places crucial emphasis on a family of mathematical results called representation theorems, which relate criteria for evaluating the available options (such as the expected utility criterion) to axioms pertaining to the decision-maker's preferences (for example, the transitivity axiom). Various claims have been made concerning the reasons for the importance of these results. The goal of this article is to assess their semantic role: representation theorems are purported to provide definitions of the decision-theoretic concepts involved in the evaluation criteria (such as those of utility or subjective probability that feature in the subjective expected utility criterion). In particular, this claim shall be examined from the perspective of philosophical theories of the meaning of theoretical terms.

Suggested Citation

  • Mikaël Cozic & Brian Hill, 2015. "Representation theorems and the semantics of decision-theoretic concepts," Journal of Economic Methodology, Taylor & Francis Journals, vol. 22(3), pages 292-311, September.
    • Handle: RePEc:taf:jecmet:v:22:y:2015:i:3:p:292-311
    DOI: 10.1080/1350178X.2015.1071503
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    Cited by:

    1. Itzhak Gilboa & Andrew Postlewaite & Larry Samuelson & David Schmeidler, 2019. "What are axiomatizations good for?," Theory and Decision, Springer, vol. 86(3), pages 339-359, May.
    2. Roberto Fumagalli, 2021. "Rationality, preference satisfaction and anomalous intentions: why rational choice theory is not self-defeating," Theory and Decision, Springer, vol. 91(3), pages 337-356, October.
    3. Aurélien Baillon & Zhenxing Huang & Asli Selim & Peter P. Wakker, 2018. "Measuring Ambiguity Attitudes for All (Natural) Events," Econometrica, Econometric Society, vol. 86(5), pages 1839-1858, September.
    4. Fumagalli, Roberto, 2021. "Rationality, preference satisfaction and anomalous intentions: why rational choice theory is not self-defeating," LSE Research Online Documents on Economics 112446, London School of Economics and Political Science, LSE Library.
    5. Moscati, Ivan, 2021. "On the recent philosophy of decision theory," LSE Research Online Documents on Economics 115039, London School of Economics and Political Science, LSE Library.
    6. Abdellaoui, Mohammed & Wakker, Peter P., 2020. "Savage for dummies and experts," Journal of Economic Theory, Elsevier, vol. 186(C).

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