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
Authors:	Karni, Edi
Publisher:	Baltimore, MD : The Johns Hopkins University, Department of Economics
Subject:	Erwartungsnutzen \| Entscheidungstheorie \| Prinzipal-Agent-Theorie \| Theorie \| Subjective expected utility \| states of the world

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Series:	Working Paper ; 523
Type of publication:	Book / Working Paper
Type of publication (narrower categories):	Working Paper
Language:	English
Other identifiers:	504381873 [GVK] hdl:10419/72001 [Handle]
Classification:	D81 - Criteria for Decision-Making under Risk and Uncertainty
Source:	EconStor

Persistent link: https://www.econbiz.de/10010293467