Subjective expected utility and psychological gambles

Gianluca Cassese

No 524, Working Papers from University of Milano-Bicocca, Department of Economics

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.

Keywords: Arbitrage; Choquet expected utility; Coherence; Conglomerability; Expected utility; Gamble; Maxmin expected utility; Multiple priors (search for similar items in EconPapers)
JEL-codes: D81 G12 (search for similar items in EconPapers)
Pages: 17
Date: 2023-07, Revised 2023-07
New Economics Papers: this item is included in nep-mic and nep-upt
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Working Paper: Subjective Expected Utility and Psychological Gambles (2023)
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Persistent link: https://EconPapers.repec.org/RePEc:mib:wpaper:524

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