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Expected Utility — The Economic Basis of Decision Making Under Risk

In: Risk, Uncertainty And The Agricultural Firm

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  • Charles B Moss

    (University of Florida, USA)

Abstract

The following sections are included:Consumption and UtilityExpected UtilityIntuition behind Von Neumann and Morgenstern ProofConceptual Structure of the Axiomatic Treatment of Numerical UtilitiesAnalytical Examples of Expected UtilityExpected Value — Variance and Expected Utility ModelsProblems with Expected UtilitySummary

Suggested Citation

  • Charles B Moss, 2010. "Expected Utility — The Economic Basis of Decision Making Under Risk," World Scientific Book Chapters, in: Risk, Uncertainty And The Agricultural Firm, chapter 3, pages 57-82, World Scientific Publishing Co. Pte. Ltd..
    • Handle: RePEc:wsi:wschap:9789814287630_0003
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