Jonathan_Graehl comments on A summary of Savage's foundations for probability and utility. - Less Wrong

34 Post author: Sniffnoy 22 May 2011 07:56PM

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Comment author: Jonathan_Graehl 24 May 2011 01:21:02AM 0 points [-]

the first 6 axioms are enough to handle finite gambles, 7 is only needed for more general situations

You mean P7 is implied already by P1-6 for finite B, I assume.

Comment author: Sniffnoy 24 May 2011 02:05:30AM 1 point [-]

No, I meant that P1-P6 imply the expected utility hypothesis for finite gambles, i.e., if f and g each only take on finitely many values (outside a set of probability 0). They therefore also imply P7 for finite gambles, and hence in particular for finite B, but "finite B" is a very strict condition - under P1-P6, any finite B will always be null, so P7 will be true for them trivially!

Comment author: Jonathan_Graehl 24 May 2011 02:37:34AM 0 points [-]

Okay. I was considering finite gambles backed by a finite S, although of course that need not be the case. Do these axioms only apply to infinite S? If so, I didn't notice where that was stated - is it a consequence I missed? I'm also curious why P1-P6 imply that any finite B must be null:

D3: An event B is said to be null if f≤g given B for any actions f and g.

Comment author: Sniffnoy 24 May 2011 03:59:42AM 2 points [-]

A finite B necessarily has only finitely many subsets, while any nonnull B necessarily has at least continuum-many subsets, since there is always a subset of any given probability at most P(B).

Basically one of the effects of P6 is to ensure we're not in a "small world". See all that stuff about uniform partitions into arbitrarily many parts, etc.

Comment author: Jonathan_Graehl 24 May 2011 04:26:03AM 1 point [-]

Yes, P6 very clearly says that. Somehow I skipped it on first reading. So when you add P6, S is provably infinite. Thanks.