The paper characterizes all modifications to a target action that remain preferred to a status-quo alternative for every increasing concave utility and every belief over states.
Again appealing to Lemma A.1 in Whitmeyer (2023), taking a priorµ0∈(µ2,µ3) we note the existence of a UPS cost producingp> 0 and ˆp =
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How to Make an Action Attractive
The paper characterizes all modifications to a target action that remain preferred to a status-quo alternative for every increasing concave utility and every belief over states.