On the utility of gambling: Extending the approach of Meginiss (1976)

Ng, CT; Luce, RD; Marley, AA

On the utility of gambling: Extending the approach of Meginiss (1976)

Ng, CT Luce, RD Marley, AA

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Publisher:: Birkhauser
Publication Type:: Journal Article
Citation:: Aequationes Mathematecae, 2008, 76 (3), pp. 281 - 304
Issue Date:: 2008-01

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Field	Value	Language
dc.contributor.author	Ng, CT	en_US
dc.contributor.author	Luce, RD	en_US
dc.contributor.author	Marley, AA	en_US
dc.date.issued	2008-01	en_US
dc.identifier.citation	Aequationes Mathematecae, 2008, 76 (3), pp. 281 - 304	en_US
dc.identifier.issn	0001-9054	en_US
dc.identifier.uri	http://hdl.handle.net/10453/12998
dc.description.abstract	J. R. Meginniss modified expected utility to accommodate a concept of the utility of gambling that led to a representation composed of a utility expectation term plus an entropy of degree ? term. He imposed several apparently strong assumptions. One of these is that a number of unknown generating functions are identical. A second is that he assumed he was working with given probabilities. Here we follow his general framework but weaken considerably those assumptions. Our problem is reduced to solving some functional equations induced by gamble decomposition. From the solutions, we obtain the representation of the utility function. Further axiomatic restrictions are imposed that lead ultimately to Meginniss earlier result.	en_US
dc.publisher	Birkhauser	en_US
dc.relation.ispartof	Aequationes Mathematecae	en_US
dc.relation.isbasedon	10.1007/s00010-008-2931-0	en_US
dc.subject.classification	General Mathematics	en_US
dc.title	On the utility of gambling: Extending the approach of Meginiss (1976)	en_US
dc.type	Journal Article
utslib.citation.volume	3	en_US
utslib.citation.volume	76	en_US
utslib.for	0101 Pure Mathematics	en_US
pubs.embargo.period	Not known	en_US
pubs.organisational-group	/University of Technology Sydney
pubs.organisational-group	/University of Technology Sydney/Faculty of Business
pubs.organisational-group	/University of Technology Sydney/Strength - CENSOC - Study of Choice
utslib.copyright.status	closed_access
pubs.consider-herdc	false	en_US
pubs.issue	3	en_US
pubs.volume	76	en_US

Abstract:

J. R. Meginniss modified expected utility to accommodate a concept of the utility of gambling that led to a representation composed of a utility expectation term plus an entropy of degree ? term. He imposed several apparently strong assumptions. One of these is that a number of unknown generating functions are identical. A second is that he assumed he was working with given probabilities. Here we follow his general framework but weaken considerably those assumptions. Our problem is reduced to solving some functional equations induced by gamble decomposition. From the solutions, we obtain the representation of the utility function. Further axiomatic restrictions are imposed that lead ultimately to Meginniss earlier result.

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http://hdl.handle.net/10453/12998