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from Part I - Decision Problems
Published online by Cambridge University Press: 17 June 2025
This chapter investigates one-person decision problems under uncertainty. The main building block is that of a conditional preference relation: a mapping that assigns to every belief about the states a preference relation over the decision maker’s choices. Under certain conditions, such a conditional preference relation admits an expected utility representation, which allows us to summarize the conditional preference relation by a finite utility matrix. Throughout the book it is assumed that the conditional preference relation indeed has an expected utility representation.
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