A decision model based on expected utility, entropy and variance

Irene Brito

Applied Mathematics and Computation, 2020, vol. 379, issue C

Abstract: A decision model - the expected utility, entropy and variance (EU-EV) model – is proposed, where the decision criterion depends on the uncertainty risk factors entropy and variance and on the subjective expected utility. The EU-EV model is applied to decision problems existing in the literature, and it is shown that they can be well explained with this model.

Keywords: Decision analysis; Expected utility; Entropy; Variance; Decision model; Risk (search for similar items in EconPapers)
Date: 2020
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Persistent link: https://EconPapers.repec.org/RePEc:eee:apmaco:v:379:y:2020:i:c:s009630032030254x

DOI: 10.1016/j.amc.2020.125285

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