Expected utility without utility
Abstract
This paper advances an interpretation of Von Neumann-Morgenstern's expected utility model for preferences over lotteries which does not require the notion of a cardinal utility over prizes and can be phrased entirely in the language of probability. According to it, the expected utility of a lottery can be read as the probability that this lottery outperforms another given independent lottery. The implications of this interpretation for some...
Paper Details
Title
Expected utility without utility
Published Date
Nov 1, 1996
Journal
Volume
41
Issue
3
Pages
281 - 301
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