Subjective expected utility with state-dependent but action/observation-independent preferences
No 2018003, CORE Discussion Papers from Université catholique de Louvain, Center for Operations Research and Econometrics (CORE)
Under state-dependent preferences, probabilities and units of scale of state-dependent utilities are not separately identified, in standard models: only their products matter to decisions. Separate identification has been studied under implicit actions (Drèze 1961, 1987) or under explicit actions and observations (Karni 2011, 2013). This paper complements both approaches and relates them, when conditional preferences for final outcomes are independent of actions and observations. That special case permits drastic technical simplification while remaining open to some natural extensions.
Keywords: expected utility; state-dependent preferences; subjective probability (search for similar items in EconPapers)
JEL-codes: D81 (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-mic and nep-upt
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Journal Article: Subjective Expected Utility with State-Dependent but Action/Observation-Independent Preferences (2018)
Working Paper: Subjective expected utility with state-dependent but action/observation-independent preferences (2015)
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Persistent link: https://EconPapers.repec.org/RePEc:cor:louvco:2018003
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