A theory of expected utility with nonadditive probability

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Abstract

In this paper, a new concept of probability (I-nonadditive probability), which is partially additive and partially nonadditive, is introduced. By using this concept of probability and the former results of Savage's and Schmeidler's, a model of expected utility with nonadditive probability is formulated.

Original languageEnglish
Pages (from-to)451-473
Number of pages23
JournalJournal of Mathematical Economics
Volume23
Issue number5
DOIs
Publication statusPublished - 1994 Sep

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Keywords

  • Expected utility
  • Nonadditive probability

ASJC Scopus subject areas

  • Economics and Econometrics
  • Applied Mathematics

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