The thing I am asserting without bothering to back it up is called the expected utility hypothesis.
It’s equivalent to having different priors and doing it linearly (although you might have to involve infinitesimal probabilities to get it to work exactly right). That does raise the question of whether those things really can be considered separate.
The thing I am asserting without bothering to back it up is called the expected utility hypothesis.
Fair enough. I believe you get the point though.
It’s equivalent to having different priors and doing it linearly (although you might have to involve infinitesimal probabilities to get it to work exactly right). That does raise the question of whether those things really can be considered separate.