Decisions can be risky or riskless, depending on the outcomes of the choice. Expected Utility Theory describes risky choices as a utility maximization process: we choose the option with the highest utility, which we compute considering both the value of the option and its associated risk....

Expected Utility Theory (EUT), the first axiomatic theory of risky choice, describes choices as a utility maximization process: decision makers assign a subjective value (utility) to each choice option and choose the one with the highest utility. The continuity axiom, central to EUT and its...

This study investigated the influence of experienced reward distributions on the shape of utility functions inferred from economic choice. Utility is the hypothetical variable that appears to be maximized by the choice. Despite the generally accepted notion that utility functions are not...