Savage's theorem with atoms
Thai Ha-Huy ()
MPRA Paper from University Library of Munich, Germany
The famous theorem of Savage is based on the richness of the states space, by assuming a continuum nature for this set. In order to fill the gap, this article considers Savage's theorem with discrete state space. The article points out the importance the existence of pair event in the existence of utility function and the subjective probability. Under the discrete states space, this can be ensured by the intuitive atom swarming condition. Applications for the establishment of an inter-temporal evaluation a la Koopman, and for the configuration under unlikely atoms of Mackenzie Mackenzie2018 are provided.
Keywords: Savage theorem; Koopman representation; expected utility function; atom swarming. (search for similar items in EconPapers)
JEL-codes: C00 D10 D90 (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-mic and nep-upt
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Working Paper: Savage's theorem with atoms (2019)
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Persistent link: https://EconPapers.repec.org/RePEc:pra:mprapa:96108
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