Nash was a first to axiomatize expected utility

Theory and Decision 81 (3):309-312 (2016)
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Abstract

Nash is famous for many inventions, but it is less known that he, simultaneously with Marschak, also was the first to axiomatize expected utility for risk. In particular, these authors were the first to state the independence condition, a condition that should have been but was not stated by von Neumann and Morgenstern. Marschak’s paper resulted from interactions with several people at the Cowles Commission. We document unique letters and personal communications with Nash, Samuelson, Arrow, Dalkey, and others, making plausible that Nash made his discovery independently from the others.

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Citations of this work

Expected utility, independence, and continuity.Kemal Ozbek - forthcoming - Theory and Decision:1-22.

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References found in this work

Theory of Games and Economic Behavior.John Von Neumann & Oskar Morgenstern - 1944 - Princeton, NJ, USA: Princeton University Press.
Theory of Games and Economic Behavior.David Hawkins - 1945 - Philosophy of Science 12 (3):221-227.
Non-Additive Beliefs in Solvable Games.Hans Haller - 2000 - Theory and Decision 49 (4):313-338.

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