Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/72024
Authors: 
Karni, Edi
Year of Publication: 
2005
Series/Report no.: 
Working Papers, The Johns Hopkins University, Department of Economics 519
Abstract: 
This paper presents axiomatic models of decision making under uncertainty that avoid the use of a state space. The models are (a) general subjective expected utility theory with action-dependent subjective probabilities and effect-dependent utilities (the cases of effect-independent preferences and effect-independent valuations are obtained as special instances) and (b) a nonexpected utility theory involving well-defined families of action-dependent subjective probabilities on effects and utility representation that is not necessarily linear in these probabilities (a probabilistic sophistication version of this model, with action-dependent subjective probabilities is obtained as a special case)
Subjects: 
Expected utility with action-dependent subjective probabilities and effect-dependent utility
probabilistically sophisticated choice
JEL: 
D81
D82
D86
Document Type: 
Working Paper

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