Derivation of a Cardinal Utility Through a Weak Trade-off Consistency Requirement

Shiri Alon

4 citations0/0 files storedMathematics of Operations Research

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Decision-Making and Behavioral Economics Economic and Environmental Valuation Experimental Behavioral Economics Studies

Abstract

An axiomatic model is presented in which a utility function over consequences, unique up to location and unit, is derived. The assumptions apply to a binary relation over purely subjective acts, namely, no exogenous probabilities are assumed. The main assumption used is a weak trade-off consistency condition. The model generalizes the biseparable model of Ghirardato and Marinacci [Ghirardato P, Marinacci M (2001) Risk, ambiguity, and the separation of utility and beliefs. Math. Oper. Res. 26(4):864–890].

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1989Maxmin expected utility with non-unique prior 2004Subjective probability and expected utility without additivity 1989Subjective Probability and Expected Utility without Additivity 1990Foundations of Measurement 1960MATHEMATICAL METHODS IN THE SOCIAL SCIENCES, 1959 2008Topological methods in cardinal utility theory 1996Eliciting von Neumann-Morgenstern Utilities When Probabilities Are Distorted or Unknown 1989Additive Representations of Preferences

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