Document Type
Discussion Paper
Publication Date
4-1-1985
CFDP Number
746
CFDP Pages
26
Abstract
This paper provides an axiomatic model based on an extraneous random device generating objective probabilities for the derivation of expected utilities and subjective probabilities. Four basic axioms fully determine a real-valued utility function and a finitely additive subjective probability measure. The restrictions of these axioms to lotteries depending only upon events of the random device yield the von Neumann-Morgenstern axioms.
Recommended Citation
Kaneko, Mamoru, "An Axiomatization of Utility and Subjective Probability Based on Objective Probability" (1985). Cowles Foundation Discussion Papers. 988.
https://elischolar.library.yale.edu/cowles-discussion-paper-series/988