Random Expected Utility†
نویسندگان
چکیده
We analyze decision-makers who make stochastic choices from sets of lotteries. A random choice rule associates with each decision problem a probability measure over the feasible choices. A random utility is a probability measure over von Neumann-Morgenstern utility functions. We show that a random choice rule maximizes some random utility if and only if it is mixture continuous, monotone (the probability that x is chosen from a choice problem is non-increasing as alternatives are added to the choice problem), extreme (chooses an extreme point with probability one), and linear (satisfies the independence axiom). † This research was supported by grants from the National Science Foundation.
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