Subjective Expected Utility Theory without States of the World

Edi Karni

Economics Working Paper Archive from The Johns Hopkins University,Department of Economics

Abstract: This paper develops an axiomatic theory of decision making under uncertainty that dispenses with the state space. The results are subjective expected utility models with unique, action-dependent, subjective probabilities, and a utility function defined over wealth-effect pairs that is unique up to positive linear transformation.

Date: 2005-08
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Citations: View citations in EconPapers (4)

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Journal Article: Subjective expected utility theory without states of the world (2006)
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Persistent link: https://EconPapers.repec.org/RePEc:jhu:papers:523

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