HEC Research Papers Series,
HEC Paris

Abstract: We discuss the notion of a state of the world in axiomatic decision theory, and argue that it should be viewed as an "eventuality" that is implicitly assumed to be independent of the process by which preferences are observed. The distinction between states, which are assumed to resolve all uncertainty, and eventualities suggests certain limitations on the axiomatic approach for defining and measuring mental concepts (such as belief ) by observed choices

Keywords: axiomatic; decision; theory

JEL-codes: A10

24 pages, May 15, 2018

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