In a binary-option Bayesian expected-utility framework, measures of choice difficulty (understanding, randomness, and confidence) are unrelated in general, though they coincide under restrictions on information structures or payoffs.
57 This leads to the following corollary24 Corollary 1.Ifσis less random thanσ′state-by-state, then there exists a stateω∗ withW(σ|ω∗)≥W(σ′|ω∗)
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Measuring Choice Difficulty
In a binary-option Bayesian expected-utility framework, measures of choice difficulty (understanding, randomness, and confidence) are unrelated in general, though they coincide under restrictions on information structures or payoffs.