Subjective Expected Utility and Psychological Gambles

Gianluca Cassese

Papers from arXiv.org

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.

Date: 2023-07, Revised 2023-10
New Economics Papers: this item is included in nep-dcm, nep-inv, nep-mic and nep-upt
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Working Paper: Subjective expected utility and psychological gambles (2023)
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