Abstract
This article reviews Savage’s subjective expected utility theory and takes a critical view of the corresponding concept of subjective probabilities as a representation of decision makers’ beliefs.
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Karni, E. (2018). Savage’s Subjective Expected Utility Model. In: The New Palgrave Dictionary of Economics. Palgrave Macmillan, London. https://doi.org/10.1057/978-1-349-95189-5_2467
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DOI: https://doi.org/10.1057/978-1-349-95189-5_2467
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Online ISBN: 978-1-349-95189-5
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