A derivation of expected utility maximization in the context of a game

@article{Gilboa2003ADO,
  title={A derivation of expected utility maximization in the context of a game},
  author={Itzhak Gilboa and David Schmeidler},
  journal={Games and Economic Behavior},
  year={2003},
  volume={44},
  pages={172-182}
}
A decision maker faces a decision problem, or a game against nature. For each probability distribution over the state of the world (nature’s strategies), she has a weak order over her acts (pure strategies). We formulate conditions on these weak orders guaranteeing that they can be jointly represented by expected utility maximization with respect to an almost-unique state-dependent utility, that is, a matrix assigning real numbers to act-state pairs. As opposed to a utility function that is… CONTINUE READING

From This Paper

Topics from this paper.

References

Publications referenced by this paper.
Showing 1-10 of 18 references

Act Similarity in Case-Based Decision Theory

  • I. Gilboa, D. Schmeidler
  • Economic Theory
  • 1997
Highly Influential
3 Excerpts

Regret Theory: An Alternative Theory of Rational Choice under Uncertainty

  • G. Loomes, R. Sugden
  • Economic Journal,
  • 1982
Highly Influential
3 Excerpts

Well-Being Indices”, mimeo

  • G. Ashkenazi, E. Lehrer
  • 2001
1 Excerpt

Economics and Language

  • A. Rubinstein
  • 2000
1 Excerpt

Emotions in economic theory and economic behavior

  • G. Loewenstein
  • American Economic Review: Papers and Proceedings,
  • 2000
1 Excerpt

Emotions and Economic Theory

  • J. Elster
  • Journal of Economic Literature,
  • 1998
3 Excerpts

Bargaining Experiments

  • A. E. Roth
  • Handbook of Experimental Economics,
  • 1992
1 Excerpt

A Theory of Disappointment Aversion

  • R. Tietz
  • Econometrica
  • 1991

Similar Papers

Loading similar papers…