Also, if by “have a utility function” you mean something other than “try to maximize expected utility,” I don’t know what you mean. To me, the cardinal (as opposed to ordinal) structure of preferences that makes me want to call something a “utility function” is about how to choose between lotteries.
Also, if by “have a utility function” you mean something other than “try to maximize expected utility,” I don’t know what you mean. To me, the cardinal (as opposed to ordinal) structure of preferences that makes me want to call something a “utility function” is about how to choose between lotteries.
Yeah by “having a utility function” I just mean “being representable as trying to maximise expected utility”.