Arbeitspapier
A new approach to modeling decision-making under uncertainty and defining subjective probabilities
This paper presents axiomatic models of decision making under uncertainty that avoid the use of a state space. The models are (a) general subjective expected utility theory with action-dependent subjective probabilities and effect-dependent utilities (the cases of effect-independent preferences and effect-independent valuations are obtained as special instances) and (b) a nonexpected utility theory involving well-defined families of action-dependent subjective probabilities on effects and utility representation that is not necessarily linear in these probabilities (a probabilistic sophistication version of this model, with action-dependent subjective probabilities is obtained as a special case)
- Language
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Englisch
- Bibliographic citation
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Series: Working Paper ; No. 519
- Classification
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Wirtschaft
Criteria for Decision-Making under Risk and Uncertainty
Asymmetric and Private Information; Mechanism Design
Economics of Contract: Theory
- Subject
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Expected utility with action-dependent subjective probabilities and effect-dependent utility
probabilistically sophisticated choice
Erwartungsnutzen
Entscheidung bei Unsicherheit
- Event
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Geistige Schöpfung
- (who)
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Karni, Edi
- Event
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Veröffentlichung
- (who)
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The Johns Hopkins University, Department of Economics
- (where)
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Baltimore, MD
- (when)
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2005
- Handle
- Last update
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10.03.2025, 11:43 AM CET
Data provider
This object is provided by:
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. If you have any questions about the object, please contact the data provider.
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. If you have any questions about the object, please contact the data provider.
Object type
- Arbeitspapier
Associated
- Karni, Edi
- The Johns Hopkins University, Department of Economics
Time of origin
- 2005
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