Axiomatization for an Expected Utility Model with Endogenously Determined Goals
1975-09
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Axiomatization for an Expected Utility Model with Endogenously Determined Goals
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1975-09
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Center for Economic Research, Department of Economics, University of Minnesota
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Working Paper
Abstract
In [7] a "goal-control expected utility model" was formulated
which allows the decision maker to specify his acts in
the form of "controls" (partial contingency plans) and to
simultaneously choose goals and controls in end-mean pairs. It
was shown that the Savage expected utility model, the Marschak-Radner
team model, the Bayesian statistical decision model, and
the standard optimal control model can be viewed as special cases
of this model.
In this paper the goal-control expected utility representation
for the goal-control model primitives is axiomatized.
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Previously Published Citation
Tesfatsion, L., (1975), "Axiomatization for an Expected Utility Model with Endogenously Determined Goals ", Discussion Paper No. 59, Center for Economic Research, Department of Economics, University of Minnesota.
Suggested citation
Tesfatsion, Leigh. (1975). Axiomatization for an Expected Utility Model with Endogenously Determined Goals. Retrieved from the University Digital Conservancy, https://hdl.handle.net/11299/54811.
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