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.
Assumption 2 (Bounded Means)There existL < Usuch thatp d ∈I:= [L, U]ford∈ {0,1}
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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.