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Notes on utility theory

2004 IEEE International Conference on Systems, Man and Cybernetics (IEEE Cat. No.04CH37583), 2005
We establish that utility theory cannot serve as a foundation for decision, or any other, theory. The interpretation of the von Neumann and Morgenstern axioms precludes the possibility of constructing utility scales based on this framework. We point out other problems with utility theory and present a paradox that demonstrates that the interpretation ...
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Utility Theory

Management Science, 1968
Utility theory is interested in people's preferences or values and with assumptions about a person's preferences that enable them to be represented in numerically useful ways. The first two sections of this paper say more about what utility is, why people are interested in it, and how it is interpreted and used in the management and behavioral ...
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A theory of anticipated utility

Journal of Economic Behavior & Organization, 1982
Abstract A new theory of cardinal utility, with an associated set of axioms, is presented. It is a generalization of the von Neumann-Morgenstern expected utility theory, which permits the analysis of phenomena associated with the distortion of subjective probability.
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utility theory and decision theory

1987
The conjunction of utility theory and decision theory involves formulations of decision making in which the criteria for choice among competing alternatives are based on numerical representations of the decision agent’s preferences and values. Utility theory as such refers to those representations and to assumptions about preferences that correspond to
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Non-expected Utility Theory

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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Theory of Utility

2013
Pleasure and pain are undoubtedly the ultimate objects of the Calculus of Economics. To satisfy our wants to the utmost with the least effort—to procure the greatest amount of what is desirable at the expense of the least that is undesirable—in other words, to maximise pleasure, is the problem of Economics.
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Utility theory

Journal of Soviet Mathematics, 1980
zbMATH Open Web Interface contents unavailable due to conflicting licenses.
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