European Business Schools Librarian's Group

HEC Research Papers Series,
HEC Paris

No 1267: States and Eventualities: How to Understand Savage Without Anyone Being Hanged

Itzhak Gilboa (), Stefania Minardi (), Larry Samuelson and David Schmeidler

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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