Consider a person who must make decisions about uncertainty (choosing between gambles, buying insurance, etc). -Is it
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Question:
Consider a person who must make decisions about uncertainty (choosing between gambles, buying insurance, etc).
-Is it possible to be "rational" yet not have expected utility preferences?
-If it is not possible, explain why.
-If it is possible, explain what additional assumptions beyond "rationality" are required for expected utility OR give an example of rational preferences inconsistent with expected utility.
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