Nontrivial pseudo-utility functions

Article Abstract:

Case studies were performed to verify the existence of a pseudo-utility function. Exclusion of regularity condition and utilization of the open gap theorem were found to be inappropriate in preventing the occurrence of indifference class problem with positive measure during the validation process. A nontrivial pseudo-utility function proved to be effective in representing lexicographic preferences.

Mathematics, Binary system (Mathematics)

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The paradox of the Bayesian experts and state-dependent utility theory

Article Abstract:

Analysis of the paradox between subjective expected utility (SEU) theory and the Bayesian theory reveals that the paradox disappears from the pure-dependent framework when the state-dependence assumption is relaxed in Anscombe and Aumann's axiomatization of SEU. The paradox reappears however, in a different form in a sophisticated variant of the state-dependent utility theory.

Statistics, Bayesian statistical decision theory, Bayesian analysis, Statistics (Mathematics), Mathematical statistics

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