AN AXIOMATIC DEVELOPMENT OF CARDINAL UTILITY USING DECISION THEORY

Thomas R. Dyckman · Seymour Smidt

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Decision-Making and Behavioral Economics Game Theory and Voting Systems Economic and Environmental Valuation

Abstract

ABSTRACT The present paper provides a proof of the existence of a utility function and the converse of that theorem using decision theory. In particular the development uses probability mass functions. The authors believe that this approach provides a useful alternative to existing proofs and, in addition, ties the analysis to well‐understood concepts in probability theory.

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1947Theory of Games and Economic Behavior 1960MATHEMATICAL METHODS IN THE SOCIAL SCIENCES, 1959 1953An Axiomatic Approach to Measurable Utility 1955Theory of Games and Statistical Decisions 1954An Approximate Measure of Value 1952The Expected-Utility Hypothesis and the Measurability of Utility 1950Rational Behavior, Uncertain Prospects, and Measurable Utility 1974Rational Behavior, Uncertain Prospects, and Measurable Utility (1950)

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