Randomizing without randomness

Abstract We provide a methodology for eliciting utility midpoints from preferences, assuming that payoffs are consumption plans and preferences satisfy minimal form of additive separability. The does not require any subjective or objective uncertainty. Thus, this construction allows us to define mixtures acts in purely fashion, without making assumptions as the decision maker’s reaction uncertainty may be present. This approach makes it possible simple fully characterization second-order expected model, allowing clear distinction such model utility.