Derivation of a Cardinal Utility Through a Weak Trade-off Consistency Requirement

• 成果类型: Article
• 署名作者: Alon, Shiri
• 署名单位: Bar Ilan University
• 刊物名称: MATHEMATICS OF OPERATIONS RESEARCH
• ISSN/ISSBN: 0364-765X
• DOI: 10.1287/moor.2013.0615
• 发表日期: 2014
• 页码: 290-300
• 关键词: expected utility

摘要

An axiomatic model is presented in which a utility function over consequences, unique up to location and unit, is derived. The assumptions apply to a binary relation over purely subjective acts, namely, no exogenous probabilities are assumed. The main assumption used is a weak trade-off consistency condition. The model generalizes the biseparable model of Ghirardato and Marinacci [Ghirardato P, Marinacci M (2001) Risk, ambiguity, and the separation of utility and beliefs. Math. Oper. Res. 26(4):864-890].