Subjective Expected Utility Theory without States of the World
This paper develops an axiomatic theory of decision making under uncertainty that dispenses with the state space. The results are subjective expected utility models with unique, action-dependent, subjective probabilities, and a utility function defined over wealth-effect pairs that is unique up to positive linear transformation.
|Date of creation:||Aug 2005|
|Contact details of provider:|| Postal: 3400 North Charles Street Baltimore, MD 21218|
Web page: http://www.econ.jhu.edu
More information through EDIRC
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.:
- Gilboa,Itzhak & Schmeidler,David, 2001.
"A Theory of Case-Based Decisions,"
Cambridge University Press, number 9780521003117, October.
- Chambers,Robert G. & Quiggin,John, 2000.
"Uncertainty, Production, Choice, and Agency,"
Cambridge University Press, number 9780521785235, October.
- Oliver Hart & Bengt Holmstrom, 1986. "The Theory of Contracts," Working papers 418, Massachusetts Institute of Technology (MIT), Department of Economics.
- Wakker, Peter, 1987. "Subjective probabilities for state dependent continuous utility," Mathematical Social Sciences, Elsevier, vol. 14(3), pages 289-298, December.
- Itzhak Gilboa & David Schmeidler, 2004.
- Costis Skiadas, 1997. "Conditioning and Aggregation of Preferences," Econometrica, Econometric Society, vol. 65(2), pages 347-368, March.
- Karni Edi, 1993. "Subjective Expected Utility Theory with State-Dependent Preferences," Journal of Economic Theory, Elsevier, vol. 60(2), pages 428-438, August.
- Itzhak Gilboa, 1993. "Hempel, Good and Bayes," Discussion Papers 1045, Northwestern University, Center for Mathematical Studies in Economics and Management Science.
- James A. Mirrlees, 1976. "The Optimal Structure of Incentives and Authority Within an Organization," Bell Journal of Economics, The RAND Corporation, vol. 7(1), pages 105-131, Spring.
- Luce, R Duncan & Krantz, David H, 1971. "Conditional Expected Utility," Econometrica, Econometric Society, vol. 39(2), pages 253-271, March.
- Karni, Edi, 1996. "Probabilities and Beliefs," Journal of Risk and Uncertainty, Springer, vol. 13(3), pages 249-262, November.
- Edi Karni, 2005.
"Foundations of Bayesian Theory,"
Economics Working Paper Archive
524, The Johns Hopkins University,Department of Economics.
When requesting a correction, please mention this item's handle: RePEc:jhu:papers:523. 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: (None)
If references are entirely missing, you can add them using this form.