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Games and Economic Behavior
Article . 2001 . Peer-reviewed
License: Elsevier TDM
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https://dx.doi.org/10.48550/ar...
Article . 2002
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Expected Qualitative Utility Maximization

Expected qualitative utility maximization
Authors: Daniel Lehmann 0001;

Expected Qualitative Utility Maximization

Abstract

A model for decision making that generalizes Expected Utility Maximization is presented. This model, Expected Qualitative Utility Maximization, encompasses the Maximin criterion. It relaxes both the Independence and the Continuity postulates. Its main ingredient is the definition of a qualitative order on nonstandard models of the real numbers and the consideration of nonstandard utilities. Expected Qualitative Utility Maximization is characterized by an original weakening of von Neumann-Morgenstern's postulates. Subjective probabilities may be defined from those weakened postulates, as Anscombe and Aumann did from the original postulates. Subjective probabilities are numbers, not matrices as in the Subjective Expected Lexicographic Utility approach. JEL no.: D81 Keywords: Utility Theory, Non-Standard Utilities, Qualitative Decision Theory

Small correction in Section 4

Related Organizations
Keywords

FOS: Computer and information sciences, I.2.3, individual preferences, Computer Science - Computer Science and Game Theory, non-standard utilities, utility function, decision theory, Fundamental topics (basic mathematics, methodology; applicable to economics in general), Utility theory, Decision theory, Computer Science and Game Theory (cs.GT)

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selected citations
These citations are derived from selected sources.
This is an alternative to the "Influence" indicator, which also reflects the overall/total impact of an article in the research community at large, based on the underlying citation network (diachronically).
BIP!Citations provided by BIP!
popularity
This indicator reflects the "current" impact/attention (the "hype") of an article in the research community at large, based on the underlying citation network.
BIP!Popularity provided by BIP!
influence
This indicator reflects the overall/total impact of an article in the research community at large, based on the underlying citation network (diachronically).
BIP!Influence provided by BIP!
impulse
This indicator reflects the initial momentum of an article directly after its publication, based on the underlying citation network.
BIP!Impulse provided by BIP!
12
Average
Top 10%
Average
Green
bronze