An Axiomatization of Utility and Subjective Probability Based on Objective Probability

Mamoru Kaneko ()

No 746, Cowles Foundation Discussion Papers from Cowles Foundation for Research in Economics, Yale University

Abstract: This paper provides an axiomatic model based on an extraneous random device generating objective probabilities for the derivation of expected utilities and subjective probabilities. Four basic axioms fully determine a real-valued utility function and a finitely additive subjective probability measure. The restrictions of these axioms to lotteries depending only upon events of the random device yield the von Neumann-Morgenstern axioms.

Keywords: Real-world event; auxiliary event; objective probabilities; subjective probabilities; von Neumann-Morgenstern axioms (search for similar items in EconPapers)
Pages: 26 pages
Date: 1985-04
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