Fair enough, even though I wouldn’t call that my prior but rather my posterior after updating on my belief of what their expected utility might be.
So you propose that I update my probability to be proportional to the inverse of their expected utility?
How do I even begin to guess their utility function if this is a one-shot interaction?
How do I distinguish between honest and dishonest people?
Fair enough, even though I wouldn’t call that my prior but rather my posterior after updating on my belief of what their expected utility might be.
So you propose that I update my probability to be proportional to the inverse of their expected utility? How do I even begin to guess their utility function if this is a one-shot interaction? How do I distinguish between honest and dishonest people?