Action axiom

On the action axiom

Decision theory and, hence, decision analysis are based on the maximum expected utility (MEU) action axiom. In general, the principle for action embodied by an action axiom (such as MEU) is highly defensible and its scope very broad.

The action-axiom is the basis of praxeology, and it is the basic proposition that all specimens of the species Homo sapiens, the Homo agens, purposefully utilize means over a period of time in order to achieve desired ends. In Human Action, Ludwig von Mises defined “action” in the sense of the action axiom by elucidating:

See also

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