Expected Utility Theory and Psychology

Kazuhisa Takemura
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Kazuhisa Takemura: Waseda University

Chapter Chapter 5 in Behavioral Decision Theory, 2014, pp 49-61 from Springer

Abstract: Abstract Expected utility theory is a major theory of decision making under risk. Decision making under risk is a type of decision-making in which the probability distribution of the results is known. This expected utility theory is assumed in numerous theories of economics. Certainly, any student taking economics should have been taught it in a course of some kind.

Keywords: Expected Utility; Subjective Expected Utility Theory; National Guard Members; Multiple Axioms; Psychophysical Function (search for similar items in EconPapers)
Date: 2014
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Persistent link: https://EconPapers.repec.org/RePEc:spr:sprchp:978-4-431-54580-4_5

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DOI: 10.1007/978-4-431-54580-4_5

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