An Axiomatic Model of Unbounded Utility Functions
Savage's theory of qualitative personal probabilities leads to a representation of preferences by bounded utility functions. It is possible to relieve boundedness by relaxing the too strong hypothesis of a complete ordering among the decisions. Such an attempt has already been made for objectiv...
| Veröffentlicht in: | Mathematics of Operations Research. - Institute for Operations Research and the Management Sciences. - 11(1986), 1, Seite 81-94 |
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| 1. Verfasser: | |
| Format: | Online-Aufsatz |
| Sprache: | English |
| Veröffentlicht: |
1986
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| Zugriff auf das übergeordnete Werk: | Mathematics of Operations Research |
| Schlagworte: | Utility Decision theory Unbounded utility functions Economics Mathematics Law Philosophy Behavioral sciences |
| Zusammenfassung: | Savage's theory of qualitative personal probabilities leads to a representation of preferences by bounded utility functions. It is possible to relieve boundedness by relaxing the too strong hypothesis of a complete ordering among the decisions. Such an attempt has already been made for objective probabilities. This paper presents an axiomatic model of decision, inspired by Savage's point of view, which enables one to include in the theory unbounded utility functions, frequently used in concrete situations of decision. |
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| ISSN: | 15265471 |