I think you are missing even more confusing meaning: preference means what you actually choose.
In VNM axioms “agent prefers A to B” literally means “agent chooses A over B”. It’s confusing, because when we talk about human preferences we usually mean mental states, not their behavioral expressions.
I think you are missing even more confusing meaning: preference means what you actually choose.
In VNM axioms “agent prefers A to B” literally means “agent chooses A over B”. It’s confusing, because when we talk about human preferences we usually mean mental states, not their behavioral expressions.