Consider a subjective expected utility preference relation. It is usually held that the representations with which this … relation is compatible differ only in one respect, namely, the possible scales for the measurement of utility. In this paper, I … existence is that the standard axiomatizations of subjective expected utility fail to provide the measurement of subjective …

refutation of the expected utility hypothesis, and more specifically of the condition of von Neumann-Morgenstern independence …

consumption have direct utility-consequences. This gives rise to informational preferences, i.e., preferences over the timing and …