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This paper develops an axiomatic theory of decision-making under uncertainty that has no state-space. The choice setting follows Karni 1,2: a set of effects outcomes, a set of actions which induce these effects, and a set of real-valued bets over effects. In Karni’s representation, a preference over action-bet pairs yields utility, which is action-dependent. In our representation, utility is action-independent. This is achieved by augmenting Karni’s choice set with lotteries over actions. Identification is achieved similarly to Anscombe-Aumann 3, in which there are objective -roulette- lotteries over subjective -horse race- lotteries.

KEYWORDS

Subjective Expected Utility; States of the World; Action Independence

Cite this paper

A. Pape -Action-Independent Subjective Expected Utility without States of the World,- Theoretical Economics Letters, Vol. 3 No. 5B, 2013, pp. 17-21. doi: 10.4236-tel.2013.35A2004.





Autor: Andreas Duus Pape

Fuente: http://www.scirp.org/



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