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VNM Theorem

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VNM Theorem
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4abramdemski

The VNM theorem is one of the classic results of Bayesian decision theory. It establishes that, under four assumptions, a preference relation must be representable by maximum-expectation decision making over some real-valued utility function. (In other words, rational decision making is best-average-case decision making.)

Posts tagged VNM Theorem
8
35VNM expected utility theory: uses, abuses, and interpretation
Academian
13y
51
8
48Why you must maximize expected utility
Benya
11y
76
8
26Money pumping: the axiomatic approach
Stuart_Armstrong
14y
93
8
26VNM agents and lotteries involving an infinite number of possible outcomes
AlexMennen
10y
8
4
53Consequentialists: One-Way Pattern Traps
David Udell
5mo
3
2
53Don't Get Distracted by the Boilerplate
johnswentworth
5y
16
2
24Verifying vNM-rationality requires an ontology
jeyoor
4y
5
2
17Consequences of arbitrage: expected cash
Stuart_Armstrong
14y
28
2
16Computational efficiency reasons not to model VNM-rational preference relations with utility functions
AlexMennen
5y
5
2
15An Attempt at Preference Uncertainty Using VNM[anonymous]10y
33
2
12Generalizing Foundations of Decision TheoryΩ
abramdemski
6y
Ω
9
2
5Continuity axiom of vNM
Stuart_Armstrong
9y
13
1
127Geometric Rationality is Not VNM Rational
Scott Garrabrant
7mo
23
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