Expected Utility and Mathematical Expectation

David Schmeidler · Peter P. Wakker

19 citations0/0 files storedPalgrave Macmillan UK eBooks

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Decision-Making and Behavioral Economics Probability and Statistical Research Economic and Environmental Valuation

Abstract

1. Expected utility theory deals with choosing among acts where the decisionmaker 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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2019Theory of games and economic behavior 1961Risk, Ambiguity, and the Savage Axioms 1946Theory of Games and Economic Behavior 2004Subjective probability and expected utility without additivity 1971Utility Theory for Decision Making 1937La prévision : ses lois logiques, ses sources subjectives 1970UTILITY THEORY FOR DECISION MAKING 1953An Axiomatic Approach to Measurable Utility

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2018Savage's theorem under changing awareness 2021Ambiguity under growing awareness 2016STATES OF NATURE AND THE NATURE OF STATES 2015Reconciling Savage’s and Luce’s modeling of uncertainty: The best of both worlds 2016On the Rejectability of the Subjective Expected Utility Theory 2018Subjective Expected Utility With a Spectral State Space 2008Alternation Bias and the Parameterization of Cumulative Prospect Theory

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