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- Title
Independent postulates for subjective expected utility.
- Authors
Harju, Mikko; Liesiö, Juuso; Virtanen, Kai
- Abstract
Although the subjective expected utility (SEU) theory is more than 60 years old, it was recently discovered by Hartmann (Econometrica 88(1):203–205, 2020, https://doi.org/10.3982/ECTA17428) that one of the original seven postulates is redundant, i.e., it is implied by the other six postulates. In this brief communication, we show that this redundant axiom is the only one that is implied by the other axioms, thereby establishing that the remaining six postulates form an independent axiomatic system. This result further streamlines the preference assumptions underlying the SEU theory.
- Subjects
EXPECTED utility; MATHEMATICAL logic; DECISION theory; AXIOMS; DECISION making
- Publication
Theory & Decision, 2024, Vol 96, Issue 4, p597
- ISSN
0040-5833
- Publication type
Article
- DOI
10.1007/s11238-023-09959-3