R. DUNCAN LUCE and A.A.J. MARLEY ON ELEMENTS OF CHANCE

@inproceedings{Luce2000RDL,
  title={R. DUNCAN LUCE and A.A.J. MARLEY ON ELEMENTS OF CHANCE},
  author={R. Duncan Luce and A. A. J. Marley},
  year={2000}
}
One aspect of the utility of gambling may evidence itself in failures of idempotence, i.e., when all chance outcomes give rise to the same consequence the ‘gamble’ may not be indifferent to its common consequence. Under the assumption of segregation, such gambles can be expressed as the joint receipt of the common consequence and what we call ‘an element of chance’, namely, the same gamble with the common consequence replaced by the status quo. Generalizing, any gamble is indifferent to the… CONTINUE READING

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