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.

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Year of publication:	2005-08
Authors:	Karni, Edi
Institutions:	Department of Economics, Johns Hopkins University

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Extent:	application/pdf
Series:	Economics Working Paper Archive.
Type of publication:	Book / Working Paper
Source:	RePEc - Research Papers in Economics

Persistent link: https://www.econbiz.de/10005467861