We present new axiomatisations for various models of binary stochastic choice that may be characterised as “expected utility maximisation with noise”. These include axiomatisations of strictly (Ryan 2018a) and simply (Tversky and Russo, 1969) scalable models, plus strict (Ryan, 2015) and strong (Debreu, 1958) Fechner models. Our axiomatisations complement the important contributions of Blavatskyy (2008) and Dagsvik (2008). Our representation theorems set all models on a common axiomatic foundation, progressively augmented by additional axioms necessary to characterise successively more restrictive models. The key is a decomposition of Blavatskyyis (2008) common consequence independence axiom into two parts: one that underwrites the linearity of utility and another that underwrites the Fechnerian structure of noise. This decomposition is also useful for testing Fechnerian models, as we discuss.

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About the presenter’s visit

Professor Matthew Ryan will be visiting the School of Economics on Friday 26 July2019.  While here he will be using room 520A Colin Clark Building.  If you would like to meet with him or have lunch or dinner with him please contact A/Prof Heiko Gerlach who will be his host while at The University of Queensland.  A/Prof Heiko Gerlach can be contacted on h.gerlach@uq.edu.au.

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Level 1, Colin Clark building (#39)
The University of Queensland
St Lucia campus
Room 105