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Econometrica, 2006 We develop and analyze a model of random choice and random expected utility. A decision problem is a finite set of lotteries that describe the feasible choices. A random choice rule associates with each decision problem a probability measure over choices. A random utility function is a probability measure over von Neumann-Morgenstern utility functions.
Faruk Gul, Wolfgang Pesendorfer
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1987
The expected utility hypothesis of behaviour towards risk is essentially the hypothesis that the individual decision–maker possesses (or acts as if possessing) a ‘von Neumann-Morgenstern utility function’ U(·) or ‘von Neumann-Morgenstern utility index’ {Ui} defined over some set of outcomes, and when faced with alternative risky prospects or ‘lotteries’
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The expected utility hypothesis of behaviour towards risk is essentially the hypothesis that the individual decision–maker possesses (or acts as if possessing) a ‘von Neumann-Morgenstern utility function’ U(·) or ‘von Neumann-Morgenstern utility index’ {Ui} defined over some set of outcomes, and when faced with alternative risky prospects or ‘lotteries’
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2008
The expected utility/subjective probability model of risk preferences and beliefs has long been the preeminent model of individual choice under conditions of uncertainty. It exhibits a tremendous flexibility in representing aspects of attitudes toward risk, has a well-developed analytical structure, and has been applied to the analysis of gambling ...
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The expected utility/subjective probability model of risk preferences and beliefs has long been the preeminent model of individual choice under conditions of uncertainty. It exhibits a tremendous flexibility in representing aspects of attitudes toward risk, has a well-developed analytical structure, and has been applied to the analysis of gambling ...
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Expected Utility and Continuity
The Review of Economic Studies, 1972The theory of expected utility derives conditions in which an ordering > of a set P of probability distributions, all defined on some measurable space (X, 1), can be represented by the numerical order of the expected values J udP of some " utility " function u on X.
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SSRN Electronic Journal, 2018
The moderate utility model represents the probability of choosing an option in a pairwise comparison as an increasing function of utility difference divided by a dissimilarity metric. We provide a single, directly testable property that characterizes the model: choices are moderately transitive.
Junnan He, Paulo Natenzon
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The moderate utility model represents the probability of choosing an option in a pairwise comparison as an increasing function of utility difference divided by a dissimilarity metric. We provide a single, directly testable property that characterizes the model: choices are moderately transitive.
Junnan He, Paulo Natenzon
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Random Discounted Expected Utilit
Review of Economics and StatisticsThis paper introduces the random discounted expected utility (RDEU) model, which we have developed as a means to deal with heterogeneous risk and time preferences. The RDEU model provides an explicit linkage between preference and choice heterogeneity.
Apesteguia, Jose +2 more
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Expected Utility: Weak and Strong
SSRN Electronic JournalSummary: In this paper we show that, given a monotone preference order that satisfies weak independence, the expected utility model (as a \textit{weak} or \textit{strong} representation) can be directly obtained from intuitive conditions. In particular, a weak expected utility representation can be constructed by using \textit{substitutability}, while ...
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Matching consumer segments to innovative utility business models
Nature Energy, 2021Stephen Hall +2 more
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