Subjective Expected Utility and Psychological Gambles
arXiv:2307.10328 · doi:10.1007/s10203-024-00493-7
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.