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Decision theory without finite standard expected value

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  • Peter VALLENTYNE
  • Luc LAUWERS

Abstract

We address the question, in decision theory, of how the value of risky options (gambles) should be assessed when they have no finite standard expected value, that is, where the sum of the probability-weighted payoffs is infinite or not well defined. We endorse, combine and extend (1) the proposal of Easwaran (2008) to evaluate options on the basis of their weak expected value, and (2) the proposal of Colyvan (2008) to rank options on the basis of their relative expected value.
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  • Peter VALLENTYNE & Luc LAUWERS, 2014. "Decision theory without finite standard expected value," Working Papers of Department of Economics, Leuven ces14.27, KU Leuven, Faculty of Economics and Business (FEB), Department of Economics, Leuven.
    • Handle: RePEc:ete:ceswps:ces14.27
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    Cited by:

    1. Christian Tarsney, 2018. "Exceeding Expectations: Stochastic Dominance as a General Decision Theory," Papers 1807.10895, arXiv.org, revised Aug 2020.

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