In this paper we study the idea of consequentialism in dynamic games by considering two versions: A commonly used utility-based version stating that the player’s preferences are governed by a utility function on consequences, and a preference-based version which faithfully translates the original idea of consequentialism to restrictions on the player’s preferences. Utility-based consequentialism always implies preference-based consequentialism, but the other direction is not necessarily true, as is shown by means of a counterexample. In this paper we offer conditions under which the two notions are equivalent.
