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

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dc.contributor.author Ng, CT
dc.contributor.author Luce, RD
dc.contributor.author Marley, AA
dc.date.accessioned 2011-02-07T06:17:54Z
dc.date.issued 2008-01
dc.identifier.citation Aequationes Mathematecae, 2008, 76 (3), pp. 281 - 304
dc.identifier.issn 0001-9054
dc.identifier.other C1UNSUBMIT 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.
dc.publisher Birkhauser
dc.relation.isbasedon 10.1007/s00010-008-2931-0
dc.title On the utility of gambling: Extending the approach of Meginiss (1976)
dc.type Journal Article
dc.parent Aequationes Mathematecae
dc.journal.volume 3
dc.journal.volume 76
dc.journal.number 3 en_US
dc.publocation Basel, Switzerland en_US
dc.identifier.startpage 281 en_US
dc.identifier.endpage 304 en_US
dc.cauo.name BUS.The Dean's Unit en_US
dc.conference Verified OK en_US
dc.for 0101 Pure Mathematics
dc.personcode 102475
dc.percentage 100 en_US
dc.classification.name Pure Mathematics en_US
dc.classification.type FOR-08 en_US
dc.edition en_US
dc.custom en_US
dc.date.activity en_US
dc.location.activity en_US
dc.description.keywords Entropy - expected utility - functional equations - gamble decomposition - utility of gambling en_US
pubs.embargo.period Not known
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 - Study of Choice
utslib.copyright.status Closed Access
utslib.copyright.date 2015-04-15 12:17:09.805752+10
utslib.collection.history Closed (ID: 3)


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