We extend the framework introduced in “Collective Arbitrage and the Value of Cooperation”
by F. Biagini, A. Doldi, J.-P. Fouque, M. Frittelli, and T. Meyer-Brandis (arXiv: 2306.11599 v2 …

State-dependent preferences for a general Savage's state space were shown in Wakker and
Zank (1999) to admit a numerical representation in the form of the integral of a state …