Expected counterfactual utility satisfies the vNM axioms on the space of all potential outcomes, yielding a coherent preference representation that reconciles the Russian roulette inconsistency and the Allais paradox.
By Assumption 3 andp ′ 0 < p ′′ 0, we must have Γ˜u(p′ 0, p1)≥Γ˜u(p ′′ 0, p1)>0
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An Axiomatic Foundation for Decisions with Counterfactual Utility
Expected counterfactual utility satisfies the vNM axioms on the space of all potential outcomes, yielding a coherent preference representation that reconciles the Russian roulette inconsistency and the Allais paradox.