Randomizing without randomness
提出一种从偏好中引出效用中点的方法,无需任何主观或客观不确定性,从而纯主观地定义行为混合,并给出二阶主观期望效用模型的简洁刻画。
Abstract We provide a methodology for eliciting utility midpoints from preferences, assuming that payoffs are consumption plans and that preferences satisfy a minimal form of additive separability. The methodology does not require any subjective or objective uncertainty. Thus, this construction of utility midpoints allows us to define mixtures of acts in a purely subjective fashion, without making any assumptions as to the decision maker’s reaction to the uncertainty that may be present. This approach makes it possible to provide a simple and fully subjective characterization of the second-order subjective expected utility model, allowing a clear distinction of such model from subjective expected utility.