Dutch Books Arguments and Learning in a Nonexpected Utility Framework

Abstract

If an individual follows maximin expected utility theory, then a smart outsider cannot, in general, make a bet with him/her that is certain to win in a single time period. However, the author shows that, when there are many time periods, this is possible in his model unless the decisionmaker uses strategic behavior. There are some exceptions, in particular for small deviations from expected utility profits may be less than the transactions costs. Copyright 1995 by Economics Department of the University of Pennsylvania and the Osaka University Institute of Social and Economic Research Association.

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