Bayes Contingent Plans
نویسنده
چکیده
An intuitively natural consistency condition for contingent plans is necessary and suucient for a contingent plan to be rationalized by maxi-mization of conditional expected utility. One alternative theory of choice under uncertainty, the weighted-utility theory developed by Chew Soo Hong (1983) does not entail that contingent plans will generally satisfy this condition. Another alternative theory, the minimax theory as formulated by Savage (1972), does entail the consistency condition (at least for singleton-valued plans).
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