What are Axiomatizations Good for?

34 Pages Posted: 6 Nov 2018 Last revised: 21 Nov 2018

See all articles by Itzhak Gilboa

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

Multiple version iconThere are 2 versions of this paper

Date Written: October 22, 2018

Abstract

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

Keywords: Axiomatization, Philosophy, Economic Theory

JEL Classification: B4, D0

Suggested Citation

Gilboa, Itzhak and Postlewaite, Andrew and Samuelson, Larry and Schmeidler, David, What are Axiomatizations Good for? (October 22, 2018). PIER Working Paper No. 18-026; HEC Paris Research Paper No. ECO/SCD-2018-1318. Available at SSRN: https://ssrn.com/abstract=3278957 or http://dx.doi.org/10.2139/ssrn.3278957

Itzhak Gilboa

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 (Contact Author)

University of Pennsylvania - Department of Economics ( email )

Ronald O. Perelman Center for Political Science
133 South 36th Street
Philadelphia, PA 19104-6297
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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