A Revealed Preference Theory for Expected Utility

S-Tier
Journal: Review of Economic Studies
Year: 1991
Volume: 58
Issue: 4
Pages: 677-695

Authors (2)

Edward J. Green Kent Osband (not in RePEc)

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

Standard axiomatizations of expected-utility theory envision an agent with fixed probability assessments who can be observed to choose actions from varying opportunity sets (for instance, pairs of lotteries). These axiomatizations also envision that the agent's preferences among these actions depend on the state of nature only through clearly defined and observable consequences. This viewpoint may be unnecessarily restrictive as a basis for applying and evaluating the theory. We study instead the pattern of choices from a fixed set of actions as probability assessments change. Convexity and integrability conditions characterize maximization of expected state-dependent utility.

Technical Details

RePEc Handle
repec:oup:restud:v:58:y:1991:i:4:p:677-695.
Journal Field
General
Author Count
2
Added to Database
2026-01-25