A Single-Stage Approach to Anscombe and Aumann's Expected Utility

S-Tier
Journal: Review of Economic Studies
Year: 1997
Volume: 64
Issue: 3
Pages: 399-409

Authors (2)

Score contribution per author:

4.022 = (α=2.01 / 2 authors) × 4.0x S-tier

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

Abstract

Anscombe and Aumann showed that if one accepts the existence of a physical randomizing device such as a roulette wheel then Savage's derivation of subjective expected utility can be considerably simplified. They, however, invoked compound gambles to define their axioms. We demonstrate that the subjective expected utility derivation can be further simplified and need not invoke compound gambles. Our simplification is obtained by closely following the steps by which probabilities and utilities are elicited.

Technical Details

RePEc Handle
repec:oup:restud:v:64:y:1997:i:3:p:399-409.
Journal Field
General
Author Count
2
Added to Database
2026-01-29