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Subjective Expected Utility and Psychological Gambles (2307.10328v2)
Published 19 Jul 2023 in econ.GN and q-fin.EC
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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