Savage's Axioms Usually Imply Violation of Strict Stochastic Dominance

DOI10.2307/2298069MaRDI QIDQ5289344zbMATH OpenOpenAlexWikidataFDO

Authors Peter P. Wakker

Publication date 23 August 1993

Published in Review of Economic Studies (Search for Journal in Brave)

Full work available at URL https://doi.org/10.2307/2298069

zbMATH Keywords

Savage's axiomsstochastic dominance

Mathematics Subject Classification ID

Utility theory (91B16)

Recommendations

• Probabilistic sophistication and stochastic monotonicity in the savage framework
• Savage's P3 is redundant
• Probabilistic choice and stochastic dominance
• Rationalizability and the savage axioms
• Preference for Flexibility in a Savage Framework

Cited in

(8)

• Loss aversion in a multi-period model
• Separating marginal utility and probabilistic risk aversion
• Unbounded probabilistic sophistication
• A foundation for probabilistic beliefs with or without atoms
• The development gap in economic rationality of future elites
• Simple axioms for countably additive subjective probability
• A simple and general axiomatization of average utility maximization for infinite streams
• Independent postulates for subjective expected utility

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