less confusion for strict/stochastic dominance.
I get the question
1. In the course notes page 505 (strict dominance) it says
"Choice A strictly dominates choice B if...". What are A and B? States?
What do we know about those? Is it correct, that they consist of more
than one variable (the chapter is called multi-attribute utility)?
Or that one variable is structured somehow?
2. What is stochastic dominance? I can not give a more precise question.
I simply don't understand at all when to apply this, what it's used for,
what information we gain,...
3. What is the difference between a utility and a value function?
4. What does the definition 22.4.15 mean? What are preferences over lotteries in X?
The slides can (and should) be improved to make this easier to understand.
Edited by Michael Kohlhase