This paper elaborates an axiomatic treatment of the Subjective Expected Utility (SEU) model that dispenses with the assumption of an exogenous state space. Within a state-free description of uncertainty and alternatives, axioms for preferences are formulated and shown to characterize the...

This paper elaborates an axiomatic treatment of the Subjective Expected Utility (SEU) model that dispenses with the assumption of an exogenous state space. Within a state-free description of uncertainty and alternatives, axioms for preferences are formulated and shown to characterize the...

By means of an extensive methodological apparatus including analysis of chain base indexes, comparisons, syntheses and case studies, literature review of scientific articles, books or official documents released by international organizations and national agencies, viz. World Bank, OECD, Tax...

For choice with deterministic consequences, the standard rationality hypothesis is ordinality — i.e., maximization of a weak preference ordering. For choice under risk (resp. uncertainty), preferences are assumed to be represented by the objectively (resp. subjectively) expected value of a von...

There are a number of single-profile impossibility theorems in social choice theory and welfare economics that demonstrate the incompatibility of dominance criteria with various nonconsequentialist principles given some rationality restrictions on the rankings being considered. This article is...