VNM utility is a necessary consequence of its axioms but doesn’t entail a unique utility function; as such, the ability to prevent Dutch Books is derived more from VNM’s assumption of a fixed total ordering of outcomes than anything.
VNM utility is a necessary consequence of its axioms but doesn’t entail a unique utility function; as such, the ability to prevent Dutch Books is derived more from VNM’s assumption of a fixed total ordering of outcomes than anything.