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Expected Utility with Purely Subjective Non-Additive Probabilities

Author

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  • Itzhak Gilboa

    (Tel Aviv University - Tel Aviv University)

Abstract

Acts are functions from the set of states of the world into the set of consequences. Savage proposed axioms regarding a binary relation on the set of acts which are necessary and sufficient for it to be representable by the functional ʃu(*)dP for some real-valued (utility) function u on the set of consequences and a (probability) measure P on the set of states of the world. The Ellsberg paradox leads us to reject one of Savage's main axioms - the Sure Thing Principle - and develop a more general theory, in which the probability measure need not be additive.

Suggested Citation

  • Itzhak Gilboa, 1987. "Expected Utility with Purely Subjective Non-Additive Probabilities," Post-Print hal-00756291, HAL.
  • Handle: RePEc:hal:journl:hal-00756291 DOI: 10.1016/0304-4068(87)90022-X Note: View the original document on HAL open archive server: https://hal-hec.archives-ouvertes.fr/hal-00756291
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    References listed on IDEAS

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    1. Viossat, Yannick, 2007. "The replicator dynamics does not lead to correlated equilibria," Games and Economic Behavior, Elsevier, vol. 59(2), pages 397-407, May.
    2. Sergiu Hart, 2013. "Adaptive Heuristics," World Scientific Book Chapters,in: Simple Adaptive Strategies From Regret-Matching to Uncoupled Dynamics, chapter 11, pages 253-287 World Scientific Publishing Co. Pte. Ltd..
    3. Yannick Viossat, 2011. "Deterministic monotone dynamics and dominated strategies," Working Papers hal-00636620, HAL.
    4. Viossat, Yannick, 2008. "Evolutionary dynamics may eliminate all strategies used in correlated equilibrium," Mathematical Social Sciences, Elsevier, vol. 56(1), pages 27-43, July.
    5. Josef Hofbauer & Sylvain Sorin & Yannick Viossat, 2009. "Time Average Replicator and Best-Reply Dynamics," Mathematics of Operations Research, INFORMS, vol. 34(2), pages 263-269, May.
    6. repec:dau:papers:123456789/1061 is not listed on IDEAS
    7. repec:dau:papers:123456789/1119 is not listed on IDEAS
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