You don’t need that scale under certainty, but you need it to encode probabilistic preferences under uncertainty.
Well put, but there is a way that scale-utilities partially show up in economics when you try to factor outcomes, even without uncertainty. It does all cash out to just a preference ordering on the monolithic outcome level, though.
Well put, but there is a way that scale-utilities partially show up in economics when you try to factor outcomes, even without uncertainty. It does all cash out to just a preference ordering on the monolithic outcome level, though.