Upper and lower bounds for expected utility

Marco LiCalzi

Economic Theory, 2000, vol. 16, issue 2, 489-502

Abstract: The decision-theoretic literature has developed very few techniques to bound the expected utility of a random variable when only simple statistics like its median or mode or mean are known. One reason for this lack of results is that we are missing a convenient way to link probability theory and expected utility. This paper is written to demonstrate a general (and genuinely probabilistic) technique to obtain upper and lower bounds for the expected utility of a lottery. Copyright Springer-Verlag Berlin Heidelberg 2000

Keywords: Keywords and Phrases:Expected utility; Bounds; Dominance; Inequalities.; JEL Classification Numbers:D81; C44. (search for similar items in EconPapers)
Date: 2000
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Citations: View citations in EconPapers (5)

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DOI: 10.1007/s00199-000-0001-5

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