Article ID | Journal | Published Year | Pages | File Type |
---|---|---|---|---|
972511 | Mathematical Social Sciences | 2015 | 5 Pages |
Abstract
•Ex ante preferences cannot elicit subjective probabilities for state-dependent utility.•We study ex post strength-of-preference as a second primitive.•A consistency condition between ex ante and ex post preferences is proposed.
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.
Related Topics
Physical Sciences and Engineering
Mathematics
Applied Mathematics
Authors
Yutaka Nakamura,