Please explain utility theory----five axioms of choice under uncertainty (axioms of cardinal utility)© BrainMass Inc. brainmass.com March 4, 2021, 6:00 pm ad1c9bdddf
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, ...
Summarize five axioms of choice under uncertainty.