Savage's theorem with atoms

Thai Ha-Huy

No 19-05, Documents de recherche from Centre d'Études des Politiques Économiques (EPEE), Université d'Evry Val d'Essonne

Abstract: The famous theorem of Savage is based on the richness of the states space, by assuming a continuum nature for this set. In order to fill the gap, this article considers Savage’s theorem with discrete state space. The article points out the importance the existence of pair event in the existence of utility function and the subjective probability. Under the discrete states space, this can be ensured by the intuitive atom swarming condition. Applications for the establishment of an inter-temporal evaluation à la Koopman [16], [17], and for the configuration under unlikely atoms of Mackenzie [24] are provided.

Keywords: Savage theorem; Koopman representation; expected utility function; atom swarming (search for similar items in EconPapers)
JEL-codes: D11 D90 (search for similar items in EconPapers)
Pages: 32 pages
Date: 2019
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Related works:
Working Paper: Savage's theorem with atoms (2019)
Working Paper: Savage's theorem with atoms (2019)
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