Maxmin expected utility in Savage's framework

Dino Borie

Journal of Economic Theory, 2023, vol. 210, issue C

Abstract: We axiomatize the maxmin expected utility model in Savage's original framework, which does not require a rich set of consequences nor objective probabilities. The key conditions in our result reformulate Gilboa–Schmeidler's (1989) Uncertainty Aversion and Certainty Independence for Savage's acts. Also, we propose a definition for comparative ambiguity aversion in this context.

Keywords: Maxmin expected utility; Purely subjective probability; Uncertainty aversion; Savage (search for similar items in EconPapers)
JEL-codes: D81 (search for similar items in EconPapers)
Date: 2023
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Persistent link: https://EconPapers.repec.org/RePEc:eee:jetheo:v:210:y:2023:i:c:s0022053123000613

DOI: 10.1016/j.jet.2023.105665

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