Preferences for Flexibility and Randomization under Uncertainty
研究了不确定性厌恶的代理人如何通过随机化选择来消除不确定性影响，并公理化了一个效用函数来识别代理人认为随机化能消除不确定性影响的主观信念。
An uncertainty-averse agent prefers betting on an event whose probability is known, to betting on an event whose probability is unknown. Such an agent may randomize his choices to eliminate the effects of uncertainty. For what sort of preferences does a randomization eliminate the effects of uncertainty? To answer this question, we investigate an agent's preferences over sets of acts. We axiomatize a utility function, through which we can identify the agent's subjective belief that a randomization eliminates the effects of uncertainty.