What Are Axiomatizations Good For?

33 Pages Posted: 15 May 2018  

Itzhak Gilboa

Tel Aviv University - Eitan Berglas School of Economics; HEC Paris - Economics & Decision Sciences

Andrew Postlewaite

University of Pennsylvania - Department of Economics

Larry Samuelson

Yale University - Department of Economics; Yale University - Cowles Foundation

David Schmeidler

Tel Aviv University

Date Written: May 2, 2017

Abstract

In light of the interest in axiomatic models of decision making in recent years, one is led to ask, in what ways do the axiomatic deriva- tions advance economics? If economists are interested in predicting how people behave, without a pretense to change individual decision making, how can they benefit from representation theorems, which are no more than equivalence results? We address this question, propose several ways in which representation results can still be useful, and discuss their potential implications to axiomatic decision theory.

Suggested Citation

Gilboa, Itzhak and Postlewaite, Andrew and Samuelson, Larry and Schmeidler, David, What Are Axiomatizations Good For? (May 2, 2017). HEC Paris Research Paper No. ECO/SCD-2018-1271. Available at SSRN: https://ssrn.com/abstract=3178761 or http://dx.doi.org/10.2139/ssrn.3178761

Itzhak Gilboa (Contact Author)

Tel Aviv University - Eitan Berglas School of Economics ( email )

P.O. Box 39040
Ramat Aviv, Tel Aviv, 69978
Israel
972-3-640-6423 (Phone)
972-3-640-9908 (Fax)

HEC Paris - Economics & Decision Sciences

Paris
France

Andrew Postlewaite

University of Pennsylvania - Department of Economics ( email )

160 McNeil Building
3718 Locust Walk
Philadelphia, PA 19104
United States
215-898-7350 (Phone)
215-573-2057 (Fax)

HOME PAGE: http://www.econ.upenn.edu/~apostlew

Larry Samuelson

Yale University - Department of Economics ( email )

28 Hillhouse Ave
New Haven, CT 06520-8268
United States

Yale University - Cowles Foundation

Box 208281
New Haven, CT 06520-8281
United States

David Schmeidler

Tel Aviv University ( email )

P.O. Box 39040
Ramat Aviv, Tel Aviv, 69978
Israel
+972-3-640-9643 (Phone)
+972-3-640-9357 (Fax)

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