Great expectations: part I: on the customizability of generalized expected utility

  • Authors:
  • Francis C. Chu;Joseph Y. Halpern

  • Affiliations:
  • Department of Computer Science, Cornell University, Ithaca, NY;Department of Computer Science, Cornell University, Ithaca, NY

  • Venue:
  • IJCAI'03 Proceedings of the 18th international joint conference on Artificial intelligence
  • Year:
  • 2003

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Abstract

We propose a generalization of expected utility that we call generalized EU (GEU), where a decision maker's beliefs are represented by plausibility 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 maximizes 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.