Consequentialist foundations for expected utility

Consequentialist foundations for expected utility. Hammond, P. J. Theory and Decision, 25(1):25–78, July, 1988.

Behaviour norms are considered for decision trees which allow both objective probabilities and uncertain states of the world with unknown probabilities. Terminal nodes have consequences in a given domain. Behaviour is required to be consistent in subtrees. Consequentialist behaviour, by definition, reveals a consequence choice function independent of the structure of the decision tree. It implies that behaviour reveals a revealed preference ordering satisfying both the independence axiom and a novel form of sure-thing principle. Continuous consequentialist behaviour must be expected utility maximizing. Other plausible assumptions then imply additive utilities, subjective probabilities, and Bayes' rule.

@article{hammond_consequentialist_1988,
	title = {Consequentialist foundations for expected utility},
	volume = {25},
	issn = {0040-5833, 1573-7187},
	url = {https://link.springer.com/article/10.1007/BF00129168},
	doi = {10.1007/BF00129168},
	abstract = {Behaviour norms are considered for decision trees which allow both objective probabilities and uncertain states of the world with unknown probabilities. Terminal nodes have consequences in a given domain. Behaviour is required to be consistent in subtrees. Consequentialist behaviour, by definition, reveals a consequence choice function independent of the structure of the decision tree. It implies that behaviour reveals a revealed preference ordering satisfying both the independence axiom and a novel form of sure-thing principle. Continuous consequentialist behaviour must be expected utility maximizing. Other plausible assumptions then imply additive utilities, subjective probabilities, and Bayes' rule.},
	language = {en},
	number = {1},
	urldate = {2018-04-04},
	journal = {Theory and Decision},
	author = {Hammond, Peter J.},
	month = jul,
	year = {1988},
	pages = {25--78},
}

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