The subjective expected utility hypothesis and revealed preference |
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Authors: | T Kim |
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Institution: | (1) Department of International Economics, Seoul National University, 151-742 Seoul, Korea |
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Abstract: | Summary A choice behavior of a decision maker is said to satisfy the subjective expected utility hypothesis if there exist a utility and a subjective probability such that a decision maker chooses acts with the highest expected utility. We present a revealed preference characterization of choice behavior that is consistent with the subjective expected utility hypothesis. Our result applies to any state space and compact sets of prizes and observations (either finite or infinite). |
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