A Simple Tool for Qualitatively Testing, Quantitatively Measuring, and Normatively Justifying Savage's Subjective Expected Utility

B-Tier
Journal: Journal of Risk and Uncertainty
Year: 2004
Volume: 28
Issue: 2
Pages: 135-145

Authors (2)

Veronika K–bberling (not in RePEc) Peter P. Wakker (Erasmus Universiteit Rotterdam)

Score contribution per author:

1.005 = (α=2.01 / 2 authors) × 1.0x B-tier

α: calibrated so average coauthorship-adjusted count equals average raw count

Abstract

This paper introduces a new preference condition that can be used to justify (or criticize) expected utility. The approach taken in this paper is an alternative to Savage's, and is accessible to readers without a mathematical background. It is based on a method for deriving "comparisons of tradeoffs" from ordinal preferences. Our condition simplifies previously-published tradeoff conditions, and at the same time provides more general and more powerful tools to specialists. The condition is more closely related to empirical methods for measuring utility than its predecessors. It provides a unifying tool for qualitatively testing, quantitatively measuring, and normatively justifying expected utility.

Technical Details

RePEc Handle
repec:kap:jrisku:v:28:y:2004:i:2:p:135-145
Journal Field
Theory
Author Count
2
Added to Database
2026-01-29