State-dependent strength-of-preference

Yutaka Nakamura

Mathematical Social Sciences, 2015, vol. 78, issue C, 64-68

Abstract: When a utility function is state-dependent, ex ante preferences for acts cannot elicit unique subjective probabilities without auxiliary devices. This paper introduces ex-post strength-of-preferences for state-contingent decision outcomes. Then we prove that a consistency condition between ex ante preference and ex post strength-of-preference relations can separate utility and unique subjective state probabilities.

Date: 2015
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Persistent link: https://EconPapers.repec.org/RePEc:eee:matsoc:v:78:y:2015:i:c:p:64-68

DOI: 10.1016/j.mathsocsci.2015.09.005

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