you can reinterpret the uncertainty as uncertainty about actual outcomes with utilities associated with those outcomes and the math goes through.
If you can do that, it seems to work; Noise in the payoffs is not preference uncertainty, just plain old uncertainty. So I guess my question is what does it look like when you can’t do that, and what do we do instead?
If you can do that, it seems to work; Noise in the payoffs is not preference uncertainty, just plain old uncertainty. So I guess my question is what does it look like when you can’t do that, and what do we do instead?