Resource title

Multiple Periods Destroy the Axiomatic Base of Expected Utility Theory and its Standard Generalisations

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Resource description

It is here shown that the extension of expected utility theory to multiple periods destroys the axiomatic base by introducing timing contradictions in what the chooser knows at a single time point. It is shown that some of these timing contradictions remain even if, as Samuelson (1952) proposed, no segment of the outcome space (to which utility attaches) commences before all risk is passed.

Resource author

Robin Pope

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Resource publish date

Resource language

eng

Resource content type

text/html

Resource resource URL

http://hdl.handle.net/10419/22974

Resource license

Adapt according to the presented license agreement and reference the original author.