New decision rule challenges traditional probabilities in risky choices.
The Maxmin Expected Utility decision rule is usually based on objective probabilities, assuming the decision maker is an expected utility maximizer in risky situations. This paper introduces a new approach that doesn't rely on pre-existing probabilities or the vNM expected utility model. The researchers developed simple axioms for deriving the maxmin decision rule in a purely subjective setting, where decisions are made without objective probabilities.