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