{"status":"ok","message-type":"work","message-version":"1.0.0","message":{"indexed":{"date-parts":[[2026,3,6]],"date-time":"2026-03-06T11:33:32Z","timestamp":1772796812380,"version":"3.50.1"},"reference-count":74,"publisher":"Institute for Operations Research and the Management Sciences (INFORMS)","issue":"3","content-domain":{"domain":[],"crossmark-restriction":false},"short-container-title":["Management Science"],"published-print":{"date-parts":[[2026,3]]},"abstract":"<jats:p>For standard preferences under uncertainty, minimal requirements are proposed to identify cardinal utility and subjective, potentially nonadditive, beliefs. This is achieved through an application of betting consistency. This preference principle says that outcome midpoints derived from preferences over bets on an event are also midpoints when elicited from bets on a different event. This consistency requirement provides a simplified elicitation tool, while it also serves as a robustness test for utility measurements. An analyst can use betting consistency to identify a client\u2019s cardinal utility index independent of the client\u2019s beliefs. This follows from our simplified foundation for the biseparable utility model, the widely adopted framework for empirical measurements of utility under various sources of uncertainty. As a theoretical tool, betting consistency can be adopted to provide simple and intuitive foundations for new and for existing decision theories. For instance, an event-dependent version of betting consistency, if it is supplemented with Savage\u2019s sure-thing principle or a version of that principle restricted to acts that satisfy Schmeidler\u2019s comonotonicity property, delivers subjective expected utility or Choquet expected utility, as desired. We also demonstrate how models with specific nonadditive beliefs can easily be derived through bespoke formulations of betting consistency.<\/jats:p>\n                  <jats:p>This paper was accepted by Manel Baucells, behavioral economics and decision analysis.<\/jats:p>","DOI":"10.1287\/mnsc.2023.01739","type":"journal-article","created":{"date-parts":[[2025,7,15]],"date-time":"2025-07-15T16:36:07Z","timestamp":1752597367000},"page":"1987-2005","source":"Crossref","is-referenced-by-count":0,"title":["A Separation of Utility and Beliefs Through Betting Consistency"],"prefix":"10.1287","volume":"72","author":[{"given":"Alain J.","family":"Chateauneuf","sequence":"first","affiliation":[{"name":"Institut de Pr\u00e9paration \u00e0 l\u2019Administration et \u00e0 la Gestion (IPAG) Business School, 75015 Paris, France; and Paris School of Economics, Universit\u00e9 Paris 1, 75014 Paris, 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