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Subjective expected utility without preferences

  • Denis Bouyssou

    ()

    (LAMSADE - Laboratoire d'analyse et modélisation de systèmes pour l'aide à la décision - CNRS : UMR7024 - Université Paris Dauphine - Paris IX)

  • Thierry Marchant

    ()

    (Department of Data Analysis - Ghent University)

This paper proposes a theory of subjective expected utility based on primitives only involving the fact that an act can be judged either "attractive" or "unattractive". We give conditions implying that there are a utility function on the set of consequences and a probability distribution on the set of states such that attractive acts have a subjective expected utility above some threshold. The numerical representation that is obtained has strong uniqueness properties.

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Paper provided by HAL in its series Working Papers with number hal-00606939.

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Date of creation: 14 Jun 2011
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Handle: RePEc:hal:wpaper:hal-00606939
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  1. Bouyssou, Denis & Marchant, Thierry, 2007. "An axiomatic approach to noncompensatory sorting methods in MCDM, I: The case of two categories," European Journal of Operational Research, Elsevier, vol. 178(1), pages 217-245, April.
  2. Nakamura, Yutaka, 1990. "Subjective expected utility with non-additive probabilities on finite state spaces," Journal of Economic Theory, Elsevier, vol. 51(2), pages 346-366, August.
  3. David Schmeidler, 2000. "Utility in Case-Based Decision Theory," Working Papers 00-06, Ohio State University, Department of Economics.
  4. Vind, Karl, 1991. "Independent preferences," Journal of Mathematical Economics, Elsevier, vol. 20(1), pages 119-135.
  5. Bouyssou, Denis & Marchant, Thierry, 2007. "An axiomatic approach to noncompensatory sorting methods in MCDM, II: More than two categories," European Journal of Operational Research, Elsevier, vol. 178(1), pages 246-276, April.
  6. Botond Koszegi & Matthew Rabin, 2006. "Reference-Dependent Risk Attitudes," Levine's Bibliography 122247000000001267, UCLA Department of Economics.
  7. Mohammed Abdellaoui & Peter Wakker, 2005. "The Likelihood Method for Decision under Uncertainty," Theory and Decision, Springer, vol. 58(1), pages 3-76, 02.
  8. Sugden, Robert, 2003. "Reference-dependent subjective expected utility," Journal of Economic Theory, Elsevier, vol. 111(2), pages 172-191, August.
  9. Tversky, Amos & Kahneman, Daniel, 1992. " Advances in Prospect Theory: Cumulative Representation of Uncertainty," Journal of Risk and Uncertainty, Springer, vol. 5(4), pages 297-323, October.
  10. Wakker, Peter, 1988. "Derived strengths of preference relations on coordinates," Economics Letters, Elsevier, vol. 28(4), pages 301-306.
  11. Gilboa, Itzhak, 1987. "Expected utility with purely subjective non-additive probabilities," Journal of Mathematical Economics, Elsevier, vol. 16(1), pages 65-88, February.
  12. Bouyssou, Denis & Marchant, Thierry, 2010. "Additive conjoint measurement with ordered categories," European Journal of Operational Research, Elsevier, vol. 203(1), pages 195-204, May.
  13. Kahneman, Daniel & Tversky, Amos, 1979. "Prospect Theory: An Analysis of Decision under Risk," Econometrica, Econometric Society, vol. 47(2), pages 263-91, March.
  14. Wakker, Peter P. & Zank, Horst, 1999. "A unified derivation of classical subjective expected utility models through cardinal utility," Journal of Mathematical Economics, Elsevier, vol. 32(1), pages 1-19, August.
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