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.
This directly impliesϕ 1(p1)−ϕ 0(p0) =p 1 −(L−1)>0 for allp 1 ∈I
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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.