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State-dependent strength-of-preference

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  • Nakamura, Yutaka

Abstract

When a utility function is state-dependent, ex ante preferences for acts cannot elicit unique subjective probabilities without auxiliary devices. This paper introduces ex-post strength-of-preferences for state-contingent decision outcomes. Then we prove that a consistency condition between ex ante preference and ex post strength-of-preference relations can separate utility and unique subjective state probabilities.

Suggested Citation

  • Nakamura, Yutaka, 2015. "State-dependent strength-of-preference," Mathematical Social Sciences, Elsevier, vol. 78(C), pages 64-68.
    • Handle: RePEc:eee:matsoc:v:78:y:2015:i:c:p:64-68
    DOI: 10.1016/j.mathsocsci.2015.09.005
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    References listed on IDEAS

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    1. Peter P. Wakker & Horst Zank, 1999. "State Dependent Expected Utility for Savage's State Space," Mathematics of Operations Research, INFORMS, vol. 24(1), pages 8-34, February.
    2. Rakesh Kumar Sarin, 1982. "Strength of Preference and Risky Choice," Operations Research, INFORMS, vol. 30(5), pages 982-997, October.
    3. David Butler & Andrea Isoni & Graham Loomes & Daniel Navarro-Martinez, 2014. "On the Measurement of Strength of Preference in Units of Money," The Economic Record, The Economic Society of Australia, vol. 90, pages 1-15, June.
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