Subjective expected utility without preferences
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.
|Date of creation:||14 Jun 2011|
|Date of revision:|
|Note:||View the original document on HAL open archive server: https://hal.archives-ouvertes.fr/hal-00606939|
|Contact details of provider:|| Web page: https://hal.archives-ouvertes.fr/|
References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- 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.
- Kahneman, Daniel & Tversky, Amos, 1979.
"Prospect Theory: An Analysis of Decision under Risk,"
Econometric Society, vol. 47(2), pages 263-91, March.
- Amos Tversky & Daniel Kahneman, 1979. "Prospect Theory: An Analysis of Decision under Risk," Levine's Working Paper Archive 7656, David K. Levine.
- Itzhak Gilboa, 1987.
"Expected Utility with Purely Subjective Non-Additive Probabilities,"
- Gilboa, Itzhak, 1987. "Expected utility with purely subjective non-additive probabilities," Journal of Mathematical Economics, Elsevier, vol. 16(1), pages 65-88, February.
- Botond Koszegi & Matthew Rabin, 2007.
"Reference-Dependent Risk Attitudes,"
American Economic Review,
American Economic Association, vol. 97(4), pages 1047-1073, September.
- 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.
- Wakker,Peter P., 2010.
Cambridge University Press, number 9780521765015, Junio.
- 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.
- Bouyssou, Denis & Marchant, Thierry, 2010. "Additive conjoint measurement with ordered categories," European Journal of Operational Research, Elsevier, vol. 203(1), pages 195-204, May.
- David Schmeidler, 2000.
"Utility in Case-Based Decision Theory,"
00-06, Ohio State University, Department of Economics.
- Karl Vind, 1987.
87-04, University of Copenhagen. Department of Economics.
- Sugden, Robert, 2003. "Reference-dependent subjective expected utility," Journal of Economic Theory, Elsevier, vol. 111(2), pages 172-191, August.
- 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.
- 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.
- Mohammed Abdellaoui & Peter Wakker, 2005. "The Likelihood Method for Decision under Uncertainty," Theory and Decision, Springer, vol. 58(1), pages 3-76, 02.
- Wakker, Peter, 1988. "Derived strengths of preference relations on coordinates," Economics Letters, Elsevier, vol. 28(4), pages 301-306.
When requesting a correction, please mention this item's handle: RePEc:hal:wpaper:hal-00606939. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (CCSD)
If references are entirely missing, you can add them using this form.