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Fluctuation theorems and expected utility hypothesis [PDF]
Physical Review E, 2023 The expected utility hypothesis is a popular concept in economics that is useful for making decisions when the payoff is uncertain. In this paper, we investigate the implications of a fluctuation theorem in the theory of expected utility. In particular, we wonder whether entropy could serve as a guideline for gambling. We prove the existence of a bound
Gianluca Francica, Luca Dell’Anna
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Modality, expected utility, and hypothesis testing [PDF]
Synthese, 2023 AbstractWe introduce an expected-value theory of linguistic modality that makes reference to expected utility and a likelihood-based confirmation measure for deontics and epistemics, respectively. The account is a probabilistic semantics for deontics and epistemics, yet it proposes that deontics and epistemics share a common core modal semantics, as in
Woojin Chung, Salvador Mascarenhas
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Applications of Choquet expected utility to hypothesis testing with incompleteness [PDF]
The Japanese Economic Review, 2023 AbstractThe Maximin and Choquet expected utility theories guide decision-making under ambiguity. We apply them to hypothesis testing in incomplete models. We consider a statistical risk function that uses a prior probability to incorporate parameter uncertainty and a belief function to reflect the decision-maker’s willingness to be robust against the ...
Hiroaki Kaido, Yi Zhang
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Nonparametric Test of the Expected Utility Hypothesis [PDF]
American Journal of Agricultural Economics, 1992 AbstractA nonparametric test of the expected utility hypothesis is developed in this paper. The expected utility hypothesis is shown to hold if there exists a feasible solution to a particular system of linear inequalities. Furthermore, when a feasible solution exists, boundaries on the coefficient of absolute risk aversion can be calculated explicitly.
Ziv Bar‐Shira
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SSRN Electronic Journal, 2017 Rabin and Thaler (2001) declared Expected Utility an ex-hypothesis or a dead parrot alluding to the famous sketch from Monthy Pythons Flying Circus. Following Cox and Sadiraj (2006) and others, one should distinguish between Expected Utility (EU) theory (a purely mathematical theory based on axioms) and Expected Utility models (EU theory plus a given ...
Michał Lewandowski
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Optimal work extraction from quantum batteries based on the expected utility hypothesis [PDF]
Physical Review E, 2023 Work extraction in quantum finite systems is an important issue in quantum thermodynamics. The optimal work extracted is called ergotropy, and it is achieved by maximizing the average work extracted over all the unitary cycles.
Gianluca Francica, Luca Dell’Anna
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Social Aggregation and the Expected Utility Hypothesis
SSRN Electronic Journal, 1998 Charles Blackorby +2 more
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Deploying Experienced Utility in Health Economic Evaluation: A Quantitative Study [PDF]
Journal of Market Access & Health PolicyBackground: Expected utility has been deployed in order to predict health behaviour in health economic evaluation. However, only limited variance in health behaviour is explained by this construct.
Damien S. E. Broekharst +5 more
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Expected Utility Hypothesis – its origin and development
, 2016 The following thesis introduces the origin of Expected Utility Hypothesis with its historical background and describes its early development. In the first chapter, the history and solutions to St. Petersburg Paradox are presented, as it is closely related to the von Neumann-Morgenstern Expected Utility Theory which is the core notion of the thesis.
Jakub Golik
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Smooth preferences and the approximate expected utility hypothesis
Journal of Economic Theory, 1987 Mild smoothness conditions on continuous complete preorders over lotteries imply that various local versions of the expected utility hypothesis are satisfied, i.e. for small deviations, there is a utility (representing the individual's preferences) that is linear in probabilities.
B. Allen
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