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A Note on embedding von Neumann and Morgenstern utility theory in a qualitative context

Author: Le Menestrel, Marc INSEAD Area: Technology and Operations Management Series: Working Paper ; 98/52/SM Publisher: Fontainebleau : INSEAD, 1998.Language: EnglishDescription: 15 p.Type of document: INSEAD Working Paper Online Access: Click here Abstract: In this paper we propose to postulate an asymmetric relation over weighted equivalence classes as a formalization of rational behavior. In light of the theory of utility of von Neumann and Morgenstern, this corresponds to a modification of their "first natural operation", which postulates an asymmetric relation over equivalence classes. In terms of interpretation we attempt to integrate the influence of the subject's "values" on behavior, a subject who would be concerned by both "what is measured" and "how it is measured". Such a stance amounts to combining cardinal and ordinal character of rational human behavior
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In this paper we propose to postulate an asymmetric relation over weighted equivalence classes as a formalization of rational behavior. In light of the theory of utility of von Neumann and Morgenstern, this corresponds to a modification of their "first natural operation", which postulates an asymmetric relation over equivalence classes. In terms of interpretation we attempt to integrate the influence of the subject's "values" on behavior, a subject who would be concerned by both "what is measured" and "how it is measured". Such a stance amounts to combining cardinal and ordinal character of rational human behavior

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