Utility of gambling I: Entropy-modified linear weighted utility
- Publication Type:
- Journal Article
- Economic Theory, 2008, 36 (1), pp. 1 - 33
- Issue Date:
Behavioral axioms about preference orderings among gambles and their joint receipt lead to numerical representations consisting of a subjective utility term plus a term depending upon the events and the subjective weights. The results here are for uncertain alternatives, in much the same sense as Savages usage. Several open problems are described. Results for the risky case are in a second article.
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