For choice with deterministic consequences, the standard rationality hypothesis is ordinality, i.e., maximization of a … objectively (resp. subjectively) expected value of a von Neumann-Morgenstern utility function. For choice under risk, this implies …

For choice with deterministic consequences, the standard rationality hypothesis is ordinality — i.e., maximization of a … objectively (resp. subjectively) expected value of a von Neumann–Morgenstern utility function. For choice under risk, this implies …

(2010) that jointly considers objective and subjective rationality. These rationality concepts are subject to the Bewley … unanimity rule and maxmin expected utility, respectively, with a common set of priors and the same utility over consequences. We … utility preferences. …