This investigation combines two questions for expected utility theory: 1. When do the shared preferences among expected utility maximizers conform to the dictates of expected utility? 2. What is the impact on expected utility theory of allowing preferences for prizes to be state-dependent? Our...

This essay considers decision-theoretic foundations for robust Bayesian statistics. We modify the approach of Ramsey, de Finetti, Savage and Anscombe and Aumann in giving axioms for a theory of robust preferences. We establish that preferences which satisfy axioms for robust preferences can be...

We extend de Finetti’s (1974) theory of coherence to apply also to unbounded random variables. We show that for random variables with mandated infinite prevision, such as for the St. Petersburg gamble, coherence precludes indifference between equivalent random quantities. That is, we...