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(1998) Game theory, experience, rationality, Dordrecht, Springer.
In single-person decision theory, Bayesian rationality requires the agent first to attach subjective probabilities to each uncertain event, and then to maximize the expected value of a von Neumann—Morgenstern utility function (or NMUF) that is unique up to a cardinal equivalence class. When the agent receives new information, it also requires subjective probabilities to be revised according to Bayes' rule.
Publication details
DOI: 10.1007/978-94-017-1654-3_16
Full citation:
Hammond, P. J. (1998)., Consequentialism and bayesian rationality in normal form games, in W. Leinfellner & E. Köhler (eds.), Game theory, experience, rationality, Dordrecht, Springer, pp. 187-196.
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