I would like to hopefully get some insights on the Anscombe and Aumann Expected utility.
I've read some proofs and understood the Expected Utility Theorem (VNM) which allows us to approach consumers preferences over not pre-determined lotteries or risky outcomes.
However, I don't manage to rationalize this way the Anscombe and Aumann expected utility, although I believe I understand the proof.
Particularly, I would like to know how I can rely heuristically the 'state space' and 'probability spaces' (other than being antecedent and image of the Aumann act).
Also, sometimes 'objective probabilities' are evoked as well as an explanation with horses, that I don't get.
Sorry for this confusing message and thanks a lot!