The Empirical Content of Expected Utility

Lasse Mononen
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Lasse Mononen: Center for Mathematical Economics, Bielefeld University

No 737, Center for Mathematical Economics Working Papers from Center for Mathematical Economics, Bielefeld University

Abstract: We characterize the empirical content of expected utility. We show that the empirical content of the expected utility theory is contained in completeness, transitivity, and strong independence axioms. However, under commonly used weaker forms of independence axiom, the continuity adds empirical content in the expected utility theory. This formalizes and makes exact the ubiquitous claim that the continuity axiom is a technical axiom without empirical content in the expected utility theory.

Pages: 9
Date: 2025-08-15
New Economics Papers: this item is included in nep-mic and nep-upt
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