What Are Axiomatizations Good For?

Itzhak Gilboa, Andrew Postlewaite, Larry Samuelson (larry.samuelson@yale.edu) and David Schmeidler
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Larry Samuelson: Department of Economics, Yale University

PIER Working Paper Archive from Penn Institute for Economic Research, Department of Economics, University of Pennsylvania

Abstract: In light of the interest in axiomatic models of decision making in recent years, one is led to ask, in what ways do axiomatic derivations advance positive economics? If economists are interested in predicting how people behave, without a pretense to change individual decision making, how can they benefit from representation theorems, which are no more than equivalence results? We address these questions. We propose several ways in which representation results can be useful and discuss their potential implications for axiomatic decision theory.

Keywords: Axiomatization; Philosophy; Economic Theory (search for similar items in EconPapers)
JEL-codes: B4 D0 (search for similar items in EconPapers)
Pages: 34 pages
Date: 2018-10-22, Revised 2018-10-22
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Related works:
Journal Article: What are axiomatizations good for? (2019)
Working Paper: What are Axiomatizations Good for? (2018)
Working Paper: What Are Axiomatizations Good For? (2018)
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