Before revision: Let and be two lotteries with probabilities p1, p2, and p3 of x1, x2, and x3 respectively being Assume that someone has the following preference structure under risk: meaning that L1 is preferred over L''2.
After revision: Let and be two lotteries with probabilities p1, p2, and p3 of x1, x2, and x''3 respectively being Assume that someone has the following preference structure under risk: meaning that is preferred over