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AN AXIOMATIC DEVELOPMENT OF CARDINAL UTILITY USING DECISION THEORY
Author(s) -
DYCKMAN T. R.,
SMIDT S.
Publication year - 1970
Publication title -
decision sciences
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 1.238
H-Index - 108
eISSN - 1540-5915
pISSN - 0011-7315
DOI - 10.1111/j.1540-5915.1970.tb00782.x
Subject(s) - converse , axiom , mathematical proof , mathematical economics , decision theory , development (topology) , computer science , expected utility hypothesis , function (biology) , subjective expected utility , mathematics , calculus (dental) , medicine , mathematical analysis , statistics , geometry , dentistry , evolutionary biology , biology
The present paper provides a proof of the existence of a utility function and the converse of that theorem using decision theory. In particular the development uses probability mass functions. The authors believe that this approach provides a useful alternative to existing proofs and, in addition, ties the analysis to well‐understood concepts in probability theory.