Journal article:
Where Luce and Krantz Do Really Generalize Savage's Decision Model

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1977
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The aim of the paper is a comparison of the decision models of Savage, Fishburn, Jeffrey and Luce & Krantz. Savage's model turns to represent subjective values and beliefs in a restricted way by implicitly assuming special probabilities for consequences and valuewise independence between world states and consequences. Fishburn's model overcomes both restrictions. The models of Jeffrey and Luce & Krantz are argued to be inadequate because they assume acts to be probabilistically assessed. A reinterpretation of the model of Luce & Krantz and a determination of the (intrinsic) utility function underlying their expected utility function yields the unexpected result that it generalises Savage's model with respect to utilities and not, as intended, with respect to probabilities.
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100 Philosophy
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Erkenntnis ; 11 (1977), 1. - pp. 113-134. - ISSN 0165-0106
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Cite This
ISO 690SPOHN, Wolfgang, 1977. Where Luce and Krantz Do Really Generalize Savage's Decision Model. In: Erkenntnis. 11(1), pp. 113-134. ISSN 0165-0106. Available under: doi: 10.1007/BF00169847
BibTex
@article{Spohn1977Where-13675,
  year={1977},
  doi={10.1007/BF00169847},
  title={Where Luce and Krantz Do Really Generalize Savage's Decision Model},
  number={1},
  volume={11},
  issn={0165-0106},
  journal={Erkenntnis},
  pages={113--134},
  author={Spohn, Wolfgang}
}
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    <dcterms:abstract xml:lang="eng">The aim of the paper is a comparison of the decision models of Savage, Fishburn, Jeffrey and Luce &amp; Krantz. Savage's model turns to represent subjective values and beliefs in a restricted way by implicitly assuming special probabilities for consequences and valuewise independence between world states and consequences. Fishburn's model overcomes both restrictions. The models of Jeffrey and Luce &amp; Krantz are argued to be inadequate because they assume acts to be probabilistically assessed. A reinterpretation of the model of Luce &amp; Krantz and a determination of the (intrinsic) utility function underlying their expected utility function yields the unexpected result that it generalises Savage's model with respect to utilities and not, as intended, with respect to probabilities.</dcterms:abstract>
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