Title

An Axiomatization of Utility and Subjective Probability Based on Objective Probability

Authors

Mamoru Kaneko

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.

This document is currently not available here.

Share

COinS