Abstract
An axiomatization for one-way expected utility, $P \succ Q \Rightarrow E(u, P) > E(u, Q)$, is given which places no restriction on the cardinality of the consequence set. In comparison with a previous axiomatization [Ann. Math. Statist. $\mathbf{42}$ (1971) 572-577] for finite consequence sets, the new axioms strengthen the Archimedean property and weaken the order-independence conditions. In particular, the new theory avoids the criticism of indifference due to threshold phenomena that affects the previous axiomatization.
Citation
Peter C. Fishburn. "Alternative Axiomatizations of One-Way Expected Utility." Ann. Math. Statist. 43 (5) 1648 - 1651, October, 1972. https://doi.org/10.1214/aoms/1177692397
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