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arXiv · 2307.10328

Subjective Expected Utility and Psychological Gambles

Gianluca Cassese
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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.

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Gianluca Cassese. 2023-10-27. Subjective Expected Utility and Psychological Gambles. https://doi.org/10.1007/s10203-024-00493-7

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