European Business Schools Librarian's Group
HEC Research Papers Series,
HEC Paris
No 1318: What are Axiomatizations Good for?
Itzhak Gilboa (), Andrew Postlewaite (), Larry Samuelson and David Schmeidler
Additional contact information
Itzhak Gilboa: Tel Aviv University - Eitan Berglas School of Economics; HEC Paris - Economics & Decision Sciences
Andrew Postlewaite: University of Pennsylvania - Department of Economics
Larry Samuelson: Yale University - Department of Economics; Yale University - Cowles Foundation
David Schmeidler: Tel Aviv University
Abstract: In light of the interest in axiomatic models of decision making in recent years, one is led to ask, in what ways do axiomatic derivations advance positive economics? If economists are interested in predicting how people behave, without a pretense to change individual decision making, how can they bene fit from representation theorems, which are no more than equivalence results? We address these questions. We propose several ways in which representation results can be useful and discuss their potential implications for axiomatic decision theory.
Keywords: Axiomatization; Philosophy; Economic Theory
34 pages, October 22, 2018
Note: Available at SSRN: https://ssrn.com/abstract=3278957 or http://dx.doi.org/10.2139/ssrn.3278957
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