Subjective expected utility with a spectral state space

被引:4
|
作者
Pivato, Marcus [1 ]
机构
[1] Univ Cergy Pontoise, THEMA, Cergy Pontoise, France
关键词
Subjective expected utility; Awareness; Subjective state space; Riesz space; Banach lattice; Commutative Banach algebra; REPRESENTATION; PREFERENCE; AWARENESS;
D O I
10.1007/s00199-018-01173-5
中图分类号
F [经济];
学科分类号
02 ;
摘要
An agent faces a decision under uncertainty with the following structure. There is a set A of "acts"; each will yield an unknown real-valued payoff. Linear combinations of acts are feasible; thus, A is a vector space. But there is no pre-specified set of states of nature. Instead, there is a Boolean algebra I describing information the agent could acquire. For each element of I, she has a conditional preference order on A. I show that if these conditional preferences satisfy certain axioms, then there is a unique compact Hausdorff space S such that elements of A correspond to continuous realvalued functions on S, elements of I correspond to regular closed subsets of S, and the conditional preferences have a subjective expected utility (SEU) representation given by a Borel probability measure on S and a continuous utility function. I consider two settings; in one, A has a partial order making it a Riesz space or Banach lattice, and I is the Boolean algebra of bands in A. In the other, A has a multiplication operator making it a commutative Banach algebra, and I is theBoolean algebra of regular ideals in A. Finally, given two such vector spaces A1 and A2 with SEU representations on topological spaces S1 and S2, I show that a preference-preserving homomorphism A2-.A1 corresponds to a probability-preserving continuous function S1 -> S2. I interpret this as a model of changing awareness.
引用
收藏
页码:249 / 313
页数:65
相关论文
共 50 条
  • [41] Mixture independence foundations for expected utility
    Meng, Jingyi
    Webb, Craig S.
    Zank, Horst
    JOURNAL OF MATHEMATICAL ECONOMICS, 2024, 111
  • [42] Ecological expected utility and the mythical neural code
    Feldman, Jerome
    COGNITIVE NEURODYNAMICS, 2010, 4 (01) : 25 - 35
  • [43] Random expected utility theory with a continuum of prizes
    Ma, Wei
    ANNALS OF OPERATIONS RESEARCH, 2018, 271 (02) : 787 - 809
  • [44] The predictive validity of prospect theory versus expected utility in health utility measurement
    Maria Abellan-Perpinan, Jose
    Bleichrodt, Han
    Luis Pinto-Prades, Jose
    JOURNAL OF HEALTH ECONOMICS, 2009, 28 (06) : 1039 - 1047
  • [45] A proposal to extend expected utility in a quantum probabilistic framework
    Aerts, Diederik
    Haven, Emmanuel
    Sozzo, Sandro
    ECONOMIC THEORY, 2018, 65 (04) : 1079 - 1109
  • [46] Nonhuman Primates Satisfy Utility Maximization in Compliance with the Continuity Axiom of Expected Utility Theory
    Ferrari-Toniolo, Simone
    Bujold, Philipe M.
    Grabenhorst, Fabian
    Baez-Mendoza, Raymundo
    Schultz, Wolfram
    JOURNAL OF NEUROSCIENCE, 2021, 41 (13) : 2964 - 2979
  • [47] Movement Vigor as a Reflection of Subjective Economic Utility
    Shadmehr, Reza
    Reppert, Thomas R.
    Summerside, Erik M.
    Yoon, Tehrim
    Ahmed, Alaa A.
    TRENDS IN NEUROSCIENCES, 2019, 42 (05) : 323 - 336
  • [48] The participation puzzle with reference-dependent expected utility preferences
    Wang, Jianli
    Liu, Liqun
    Neilson, William S.
    INSURANCE MATHEMATICS & ECONOMICS, 2020, 93 : 278 - 287
  • [49] Integration of VaR and expected utility under departures from normality
    Barry, Peter J.
    Sherrick, Bruce J.
    Zhao, Jianmei
    AGRICULTURAL ECONOMICS, 2009, 40 (06) : 691 - 699
  • [50] The impossibility of compromise: some uniqueness properties of expected utility preferences
    Ghirardato, P
    Marinacci, M
    ECONOMIC THEORY, 2000, 16 (02) : 245 - 258