Ranking Completely Uncertain Decisions by the Uniform Expected Utility Criterion
We provide an axiomatic characterization of a family of criteria for ranking completely uncertain decisions. A completely uncertain decision is described by the set of all its consequences (assumed to be finite). Each of the criterions characterized can be thought of as assigning to all consequences of a decision an equal probability of occurrence and as comparing decisions on the basis of the expected utility of their consequences for some utility function.
|Date of creation:||12 Jul 2007|
|Date of revision:||12 Jul 2007|
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UFAE and IAE Working Papers
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- Eric Maskin, 1978. "A Theorem on Utilitarianism," Review of Economic Studies, Oxford University Press, vol. 45(1), pages 93-96.
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