Entropy-Related Measures of the Utility of Gambling

R. Duncan Luce (), Anthony J. Marley () and Che Tat Ng ()
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R. Duncan Luce: University of California
Anthony J. Marley: University of Victoria
Che Tat Ng: University of Waterloo

A chapter in The Mathematics of Preference, Choice and Order, 2009, pp 5-25 from Springer

Abstract: The first author has known Peter for a very long time, dating back some 45 years to when we met at a colloquium he gave at the University of Pennsylvania. After that our paths crossed fairly often. For example, in the early 1970s, he spent a year at the Institute for Advanced Study where Luce spent three years until the attempt to establish a program in scientific social science was abandoned for a more literary approach favored by the humanists and, surprisingly, the mathematicians then at the Institute. The second author has learnt a tremendous amount about both substantive and technical issues from Peter's work, beginning with Peter's book “Utility Theory for Decision Making” (Fishburn, 1970), which he reviewed for Contemporary Psychology (see Marley, 1972). Peter's volume on interval orders (Fishburn, 1985) was a marvelous development of various ideas related to the algebra of imperfect discrimination that elaborated the first author's initial work on semiorders (Luce, 1956).

Keywords: Expect Utility; Utility Theory; Pure Consequence; Cumulative Prospect Theory; Expect Value (search for similar items in EconPapers)
Date: 2009
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DOI: 10.1007/978-3-540-79128-7_1

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