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"An Axiomatic Approach to Stochastic choice"

Abstract : We study a stochastic decision maker characterized by two binary relations. The first reflects his judgments about well-being, his mental preferences. The second describes the decision maker’s stochastic choice behavior, his behavioral preferences in thelong-run. Specifically, in the context of decision making under risk, we propose axioms that may describe the rationality of these two relations. These axioms allow a joint representation which associates to each lottery a random variable.