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Subjective expected utility with state-dependent but action/observation-independent preferences

Author

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  • DREZE Jacques,

    (CORE, Université catholique de Louvain)

Abstract

Under state-dependent preferences, probabilities and units of scale of state-dependent utilities are not separately identified, in standard models: only their products matter to decisions. Separate identification has been studied under implicit actions (Drèze 1961, 1987) or under explicit actions and observations (Karni 2011, 2013). This paper complements both approaches and relates them, when conditional preferences for final outcomes are independent of actions and observations. That special case permits drastic technical simplification while remaining open to some natural extensions.

Suggested Citation

  • DREZE Jacques,, 2018. "Subjective expected utility with state-dependent but action/observation-independent preferences," LIDAM Discussion Papers CORE 2018003, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
    • Handle: RePEc:cor:louvco:2018003
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    File URL: https://sites.uclouvain.be/core/publications/coredp/coredp2018.html
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    JEL classification:

    • D81 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Criteria for Decision-Making under Risk and Uncertainty

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