A Simple Behavioral Characterization of Subjective Expected Utility

2013 ◽  
Vol 61 (4) ◽  
pp. 932-940 ◽  
Author(s):  
Pavlo Blavatskyy
2020 ◽  
Vol 110 (2) ◽  
pp. 596-627
Author(s):  
Eric Bahel ◽  
Yves Sprumont

We model uncertain social prospects as acts mapping states of nature to (social ) outcomes. A social choice function (or SCF ) assigns an act to each profile of subjective expected utility preferences over acts. An SCF is strategyproof if no agent ever has an incentive to misrepresent her beliefs about the states of nature or her valuation of the outcomes. It is unanimous if it picks the feasible act that all agents find best whenever such an act exists. We offer a characterization of the class of strategyproof and unanimous SCFs in two settings. In the setting where all acts are feasible, the chosen act must yield the favorite outcome of some ( possibly different) agent in every state of nature. The set of states in which an agent’s favorite outcome is selected may vary with the reported belief profile; it is the union of all states assigned to her by a collection of constant, bilaterally dictatorial, or bilaterally consensual assignment rules. In a setting where each state of nature defines a possibly different subset of available outcomes, bilaterally dictatorial or consensual rules can only be used to assign control rights over states characterized by identical sets of available outcomes. (JEL D71, D81, R53)


2021 ◽  
Vol 3 (3) ◽  
pp. 353-366
Author(s):  
Maximilian Mihm ◽  
Lucas Siga

It is well known that stochastic dominance is equivalent to a unanimity property for monotone expected utilities. For lotteries over a finite set of prizes, we establish an analogous relationship between likelihood ratio dominance and monotone betweenness preferences, which are an important generalization of expected utility. (JEL D11, D44)


2003 ◽  
Author(s):  
Rebecca F. Foltz ◽  
Maria M. Versluis ◽  
Mark E. Bardgett

2000 ◽  
Vol 148 (1) ◽  
pp. 74-82 ◽  
Author(s):  
K. A. Miller ◽  
J. M. Witkin ◽  
J. T. Ungard ◽  
M. Gasior

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