David Bourget (Western Ontario)
David Chalmers (ANU, NYU)
Rafael De Clercq
Jack Alan Reynolds
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Journal of Philosophical Logic 33 (4):361-378 (2004)
This paper presents an axiomatization of the principle of maximizing expected utility that does not rely on the independence axiom or sure-thing principle. Perhaps more importantly the new axiomatization is based on an ex ante approach, instead of the standard ex post approach. An ex post approach utilizes the decision maker's preferences among risky acts for generating a utility and a probability function, whereas in the ex ante approach a set of preferences among potential outcomes are on the input side of the theory and the decision maker's preferences among risky acts on the output side
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References found in this work BETA
Richard Jeffrey (1983). The Logic of Decision. University of Chicago Press.
Leonard J. Savage (1954). The Foundations of Statistics. Wiley Publications in Statistics.
James Joyce (1999). The Foundations of Causal Decision Theory. Cambridge University Press.
Kenneth J. Arrow (1952). Social Choice and Individual Values. Science and Society 16 (2):181-181.
John Broome (1999). Ethics Out of Economics. Cambridge University Press.
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