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Testable Implications of Subjective Expected Utility Theory
Games and Economic Behavior
  • Eduardo Zambrano, University of Notre Dame
Publication Date
I show that the predictive content of the hypothesis of subjective expected utility maximization critically depends on what the analyst knows about the details of the problem a particular decision maker faces. When the analyst does not know anything about the agent's payoffs or beliefs and can only observe the sequence of actions taken by the decision maker any arbitrary sequence of actions can be implemented as the choice of an agent that solves some intertemporal utility maximization problem under uncertainty.
Citation Information
Eduardo Zambrano. "Testable Implications of Subjective Expected Utility Theory" Games and Economic Behavior Vol. 53 Iss. 2 (2005) p. 262 - 268
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