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    Please explain utility theory----five axioms of choice under uncertainty (axioms of cardinal utility)

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    to develop a theory of rational decision making in the face of uncertainty, it is necessary to make precise assumptions about an individual's behavior----known as axioms of cardinal utility.

    Axiom 1 Completeness
    For the entire set S of uncertain alternatives either
    X is preferred to y: (x>y)*
    Y is preferred to x: (y>x)
    Individual is indifferent to x and y (x~y)
    *> or < is not mathematical inequality, ...

    Solution Summary

    Summarize five axioms of choice under uncertainty.