A preference relation over probability measures that satisfies the VNM axioms but is not described by the expectation of a utility function.
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Replying to @ModelOfTheory
So that's any non-risk neutral utility function. Which is arguable not only common, but rational if unbounded tail outcomes are possible.
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Replying to @davidmanheim
No. In that case, you should be able to apply a nonlinear transformation to the utility function to get one that you maximize expectation of
1:34 PM - 23 Aug 2017
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