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 utility from acts and from their consequences. Weaker versions of coherence, associated to restricted subsets of gambles, are associated with various attitudes towards complexity and lead to a characterization of minimax or Choquet expected utility.
Cassese, G. (2024). Subjective expected utility and psychological gambles. DECISIONS IN ECONOMICS AND FINANCE [10.1007/s10203-024-00493-7].
Subjective expected utility and psychological gambles
Cassese, Gianluca
2024
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 utility from acts and from their consequences. Weaker versions of coherence, associated to restricted subsets of gambles, are associated with various attitudes towards complexity and lead to a characterization of minimax or Choquet expected utility.
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