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Subjective expected utility without preferences

Author

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  • Denis Bouyssou

    (LAMSADE - Laboratoire d'analyse et modélisation de systèmes pour l'aide à la décision - Université Paris Dauphine-PSL - PSL - Université Paris sciences et lettres - CNRS - Centre National de la Recherche Scientifique)

  • Thierry Marchant

    (Department of Data Analysis - UGENT - Ghent University [Belgium])

Abstract

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.

Suggested Citation

  • Denis Bouyssou & Thierry Marchant, 2011. "Subjective expected utility without preferences," Working Papers hal-00606939, HAL.
  • Handle: RePEc:hal:wpaper:hal-00606939
    Note: View the original document on HAL open archive server: https://hal.archives-ouvertes.fr/hal-00606939
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    References listed on IDEAS

    as
    1. Bouyssou, Denis & Marchant, Thierry, 2010. "Additive conjoint measurement with ordered categories," European Journal of Operational Research, Elsevier, vol. 203(1), pages 195-204, May.
    2. 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.
    3. Vind, Karl, 1991. "Independent preferences," Journal of Mathematical Economics, Elsevier, vol. 20(1), pages 119-135.
    4. 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.
    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.
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    Cited by:

    1. David B. Brown & Enrico De Giorgi & Melvyn Sim, 2012. "Aspirational Preferences and Their Representation by Risk Measures," Management Science, INFORMS, vol. 58(11), pages 2095-2113, November.

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    Keywords

    Subjective Expected Utility; Conjoint Measurement;

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