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2005•RePEc: Research Papers in EconomicsOpen access

Subjective Expected Utility Theory without States of the World

Edi Karni

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Abstract

This paper develops an axiomatic theory of decision making under uncertainty that dispenses with the state space. The results are subjective expected utility models with unique, action-dependent, subjective probabilities, and a utility function defined over wealth-effect pairs that is unique up to positive linear transformation.

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What this paper is about

This paper develops an axiomatic theory of decision making under uncertainty that dispenses with the state space. The results are subjective expected utility models with unique, action-dependent, subjective probabilities, and a utility function defined over wealth-effect pairs that is unique up to positive linear transformation.

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OpenAlex reports 5 citations for this work. Citation counts describe recorded attention and do not establish research quality.

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Available abstract

This paper develops an axiomatic theory of decision making under uncertainty that dispenses with the state space. The results are subjective expected utility models with unique, action-dependent, subjective probabilities, and a utility function defined over wealth-effect pairs that is unique up to positive linear transformation.

Key concepts: Expected utility hypothesis, Subjective expected utility, Axiom, Von Neumann–Morgenstern utility theorem, Utility theory, Transformation (genetics), Decision theory, Mathematical economics

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