Great Expectations. Part I: On the Customizability of Generalized Expected Utility

We propose a generalization of expected utility that we call generalized EU (GEU), where a deci­ sion maker's beliefs are represented by plausibil­ ity measures and the decision maker's tastes are represented by general (i.e., not necessarily realvalued) utility functions. We show that every agent, "rational" or not, can be modeled as a GEU max­ imizes We then show that we can customize GEU by selectively imposing just the constraints we want. In particular, by show how of Savage's postulates corresponds to constraints on GEU.

• Type: Conference
• Year: 2003
• Where: IJCAI
• Authors: Francis C. Chu, Joseph Y. Halpern
• Keywords: Decision Maker Tastes, GEU Max­, IJCAI 2003, IJCAI 2007, Sion Maker Beliefs