I’m slightly confused how to assign utility if there are 2 pieces of information given about its value. For example, there are 2 decisions: to go to the movies or to go fishing. Provided that you get a ride (there is a 70% chance), you value going to the movies 3 times more than going fishing. However, if you don’t get a ride, you’d value going fishing half as much as going to the movies if you get a ride BUT twice as much as going to the movies provided that you don’t get a ride. Any utilities can be assigned as long as the ratios are preserved.
I’m struggling with utility in the scenario of going fishing when one has no ride. You have 2 values — (when it’s half as much one value and twice as much as the other); how to calculate the expected utility of going fishing?
All the utilities are just randomly assigned numbers.
Movies given you have a ride: 0.7, 18 Movies given you don’t have a ride: 0.3, 8
Fishing given you have a ride: 0.7, 6 Fishing given you don’t have a ride: 0,3 (here I’m confused because there are 2 values, 9 and 16)