Remarks on Utility in Repeated Bets

Published 6 Jun 2023 in cs.AI and math.PR | (2306.03842v1)

Abstract: The use of von Neumann -- Morgenstern utility is examined in the context of multiple choices between lotteries. Different conclusions are reached if the choices are simultaneous or sequential. It is demonstrated that utility cannot be additive.

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Nimrod Megiddo

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