Expected Utility and Mathematical Expectation

David Schmeidler · Peter P. Wakker

6 citations0/0 files storedThe New Palgrave Dictionary of Economics

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Abstract

Expected utility theory deals with choosing among acts where the decision-maker does not know for sure which consequence will result from a chosen act. When faced with several acts, the decision-maker will choose the one with the highest ‘expected utility’, where the expected utility of an act is the sum of the products of probability and utility over all possible consequences.

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1961Risk, Ambiguity, and the Savage Axioms 1946Theory of Games and Economic Behavior 2004Subjective probability and expected utility without additivity 1937La prévision : ses lois logiques, ses sources subjectives 1970UTILITY THEORY FOR DECISION MAKING 1953An Axiomatic Approach to Measurable Utility 1985Decision Making Under Uncertainty 1986Representations of choice situations

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