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Axiomatic Theories of Choice, Cardinal Utility and Subjective Probability: a review

In: Allocation under Uncertainty: Equilibrium and Optimality

Author

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  • Jacques H. Drèze

    (CORE)

Abstract

Most of the papers collected in this volume rely, explicitly or implicitly, upon (i) a formal description of uncertainty situations in terms of the concepts of events, acts and consequences; and (ii) an axiomatic theory of individual choices, which justifies the representation of preferences among acts by their expected utility.

Suggested Citation

  • Jacques H. Drèze, 1974. "Axiomatic Theories of Choice, Cardinal Utility and Subjective Probability: a review," International Economic Association Series, in: Jacques H. Drèze (ed.), Allocation under Uncertainty: Equilibrium and Optimality, chapter 1, pages 3-23, Palgrave Macmillan.
    • Handle: RePEc:pal:intecp:978-1-349-01989-2_1
    DOI: 10.1007/978-1-349-01989-2_1
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    Cited by:

    1. Karni, Edi & Schmeidler, David, 1990. "Utility Theory and Uncertainty," Foerder Institute for Economic Research Working Papers 275480, Tel-Aviv University > Foerder Institute for Economic Research.
    2. Segal, Uzi, 1987. "The Ellsberg Paradox and Risk Aversion: An Anticipated Utility Approach," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 28(1), pages 175-202, February.
    3. Machina, Mark J., 1985. "Generalized Expected Utility Analysis And The Nature Of Observed Violations Of The Independence Axiom," Regional Research Projects > 1985: S-180 Annual Meeting, March 24-27, 1985, Charleston, South Carolina 271790, Regional Research Projects > S-180: An Economic Analysis of Risk Management Strategies for Agricultural Production Firms.
    4. Photis, Yorgos N., 1992. "Locational planning on scenario-based networks," MPRA Paper 21794, University Library of Munich, Germany, revised 21 Feb 2010.

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