How a Certain Internal Consistency Entails the Expected Utility Dogma

Paul Samuelson

Journal of Risk and Uncertainty, 1988, vol. 1, issue 4, 389-93

Abstract: If I am "coherent," in the sense that I can always replace any subset of outcomes by their certainty equivalent (occuring with the sum of their probabilities), then I must act according to the dogma of maximizing an Exp {U}, ruling out Machina (1982), Allais (1952), and Ysidro (1950) functionals. Copyright 1988 by Kluwer Academic Publishers

Date: 1988
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