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Expected Utility in 3D

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
Creators:
CreatorsEmailORCID
Baccelli, Jeanjean.baccelli@gmail.com0000-0003-0275-0377
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
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
Date: 2021
URI: https://philsci-archive.pitt.edu/id/eprint/19570

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