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.
Sinceϕ 0(p0)≥L−1 for allp 0 ∈I, it follows thatϕ 0(p′ 0)≤ϕ 0(p′′ 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.