Baccelli, Jean (2021) Expected Utility in 3D. Reflections on the Foundations of Statistics: Essays in Honor of Teddy Seidenfeld.
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Abstract
Consider a subjective expected utility preference relation. It is usually held that the representations which this relation admits differ only in one respect, namely, the possible scales for the measurement of utility. In this paper, I discuss the fact that there are, metaphorically speaking, two additional dimensions along which infinitely many more admissible representations can be found. The first additional dimension is that of state-dependence. The second—and, in this context, much lesser-known—additional dimension is that of act dependence. The simplest implication of their usually neglected existence is that the standard axiomatizations of subjective expected utility fail to provide the measurement of subjective probability with satisfactory behavioral foundations.
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| Item Type: | Published Article or Volume | ||||||
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| Keywords: | decision theory; uncertainty; Savage; expected utility; state-dependence; act-dependence; moral hazard; uniqueness; Seidenfeld | ||||||
| Subjects: | General Issues > Decision Theory Specific Sciences > Economics General Issues > Game Theory Specific Sciences > Probability/Statistics |
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| Depositing User: | Jean Baccelli | ||||||
| Date Deposited: | 16 Sep 2021 18:42 | ||||||
| Last Modified: | 16 Sep 2021 18:42 | ||||||
| Item ID: | 19570 | ||||||
| Journal or Publication Title: | Reflections on the Foundations of Statistics: Essays in Honor of Teddy Seidenfeld | ||||||
| Publisher: | Springer (Springer Science+Business Media B.V.) | ||||||
| Subjects: | General Issues > Decision Theory Specific Sciences > Economics General Issues > Game Theory Specific Sciences > Probability/Statistics |
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| Date: | 2021 | ||||||
| URI: | https://philsci-archive.pitt.edu/id/eprint/19570 |
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