A Savage-Like Axiomatization for Nonstandard Expected Utility

01/12/2017

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by   Grant Molnar, et al.

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Since Leonard Savage's epoch-making "Foundations of Statistics", Subjective Expected Utility Theory has been the presumptive model for decision-making. Savage provided an act-based axiomatization of standard expected utility theory. In this article, we provide a Savage-like axiomatization of nonstandard expected utility theory. It corresponds to a weakening of Savage's 6th axiom.