Subjective Expected Utility with State-Dependent but Action/Observation-Independent Preferences
Under state-dependent preferences, probabilities and units of scale of state-dependent utilities are not separately identified. In standard models, only their products matter to decisions. Separate identification has been studied under implicit actions by Drèze or under explicit actions and observat...
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| Format: | Article |
| Language: | English |
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MDPI AG
2018-03-01
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| Series: | Risks |
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| Online Access: | http://www.mdpi.com/2227-9091/6/2/30 |