Resource title

A Note on embedding von Neumann and Morgenstern utility theory in a qualitative context

Resource image

image for OpenScout resource :: A Note on embedding von Neumann and Morgenstern utility theory in a qualitative context

Resource description

In this paper we propose to postulate an asymmetric relation over weighted equivalence classes as a formalization of rational behavior. In light of the theory of utility of von Neumann and Morgenstern, this corresponds to a modification of their "first natural operation", which postulates an asymmetric relation over equivalence classes. In terms of interpretation we attempt to integrate the influence of the subject's "values" on behavior, a subject who would be concerned by both "what is measured" and "how it is measured". Such a stance amounts to combining cardinal and ordinal character of rational human behavior

Resource author

Resource publisher

Resource publish date

Resource language

en

Resource content type

application/pdf

Resource resource URL

http://flora.insead.edu/fichiersti_wp/inseadwp1998/98-52.pdf

Resource license

Copyright INSEAD. All rights reserved