Subjective Expected Utility and Psychological Gambles
General Economics
2024-11-05 v2 Economics
Abstract
We obtain an elementary characterization of expected utility based on a representation of choice in terms of psychological gambles, which requires no assumption other than coherence between ex-ante and ex-post preferences. Weaker version of coherence are associated with various attitudes towards complexity and lead to a characterization of minimax or Choquet expected utility.
Cite
@article{arxiv.2307.10328,
title = {Subjective Expected Utility and Psychological Gambles},
author = {Gianluca Cassese},
journal= {arXiv preprint arXiv:2307.10328},
year = {2024}
}