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Sunday, March 5, 2017

A Savage-Like Axiomatization for Nonstandard Expected Utility. (arXiv:1701.03500v4 [cs.AI] UPDATED)

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 $6^{th}$ axiom.



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