The Econometric SocietyEdited by: Guido W. Imbens • Print ISSN: 0012-9682 • Online ISSN: 1468-0262
Econometrica: Jul, 1983, Volume 51, Issue 4
https://doi.org/0012-9682(198307)51:4<1021:OSDPAS>2.0.CO;2-M
p. 1021-1032
David Schmeidler, Edi Karni, Karl Vind
This paper presents an expected utility theory for state-dependent preferences. It proposes axioms that permit the joint derivation of subjective probabilities and utilities when the decision maker's preferences are not independent of the prevailing state of nature. In addition to the usual von Neumann-Morgenstern axioms, these axioms also include the requirement that the decision-maker's actual preferences are consistent with his preferences contingent on an hypothetical probability distribution over the states of nature. Two versions of the consistency axiom are introduced and their significance in the context of Bayesian decision theory is discussed.
March 5, 2024
The terms of the Editors of the Econometric Society's three journals end June 30, 2025. We are pleased to announce the incoming Editors and to thank the outgoing Editors for their excellent and continuing service.
Econometrica: Since 2019, Guido Imbens has served as the 14th Editor of Econometrica. On July 1, 2025, Marina Halac will become the Editor.
Quantitative Economics: Stéphane Bonhomme has been the Editor of Quantitative Economics since 2021. His successor will be Bernard Salanié.
Theoretical Economics: The Editor of Theoretical Economics since 2021 has been Simon Board. Taking over for him in July 2025 will be Federico Echenique.
Guido, Stéphane, and Simon have been outstanding Editors. We are grateful to them for the work they have done and will continue to do, and we look forward to further congratulating them next year. We believe Marina, Bernard, and Federico will be outstanding successors and we thank them in advance for their service.
Finally, we are grateful to Larry Samuelson for chairing all three search committees, and we thank the search committee members for their hard and fruitful work:
Econometrica: Christian Dustmann, Lars Hansen, Alessandro Lizzeri, George Mailath, Ariel Pakes, Helene Rey, and Elie Tamer.
QE: Kate Ho, Michael Keane, Felix Kubler, Whitney Newey, and Frank Schorfheide.
TE: Jeff Ely, Johannes Horner, Gilat Levy, Meg Meyer, and Ran Spiegler.
