The Subjective Expected.Utility Hypothesis and Revealed Preference

T Kim

Economic Theory, 1991, vol. 1, issue 3, 63 pages

Abstract: A choice behavior of a decision maker is said to satisfy the "subjective expected utility hypothesis" if there exists a utility and a subjective probability such that a decision maker chooses acts with the highest expected utility. We present a revealed preference characterization of choice behavior that is consistent with the subjective utility hypothesis. Our result applies to any state space and compact sets of prizes and observations (either finite or infinite).

Date: 1991
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