Expected utility theory does not directly deal with the utility of chance. It has been suggested in the literature … utility theory. This is shown with the help of an example due to Markowitz. It turns out that the space of conceivable … elaborated outcomes approach destroys the possibility of deriving a representation theorem based on the usual axioms of expected …

Expected utility theory, the most prominent economic model of how individuals choose among alternative rists, exhibits …

This paper proposes a new model that explains the violations of expected utility theory through the role of random …

the von Neumann-Morgenstern expected utility theory to belief functions. We use this theory to characterize uncertainty …

. Von Neumann and Morgenstern pioneered the use of expected utility theory in the 1940s, but most utility functions used in …, macroeconomics, and environmental economics. The book covers these topics: expected utility theory and related concepts; the standard …