If B differes over time, you’ll have outcomes that are not Pareto optimal in total. Idealised utility maximising agents should establish μ once and for all at the beggining; each change in μ is paid for in decreased utility.
I’m not claiming that human agents do, or should, behave this way.
If B differes over time, you’ll have outcomes that are not Pareto optimal in total. Idealised utility maximising agents should establish μ once and for all at the beggining; each change in μ is paid for in decreased utility.
I’m not claiming that human agents do, or should, behave this way.