Expected Utility — The Economic Basis of Decision Making Under Risk

Charles Moss

Chapter 3 in Risk, Uncertainty and the Agricultural Firm, 2010, pp 57-82 from World Scientific Publishing Co. Pte. Ltd.

Abstract: AbstractThe following sections are included:Consumption and UtilityExpected UtilityIntuition behind Von Neumann and Morgenstern ProofConceptual Structure of the Axiomatic Treatment of Numerical UtilitiesAnalytical Examples of Expected UtilityExpected Value — Variance and Expected Utility ModelsProblems with Expected UtilitySummary

Keywords: Agricultural Economics; Decision Making under Uncertainty; Agricultural and Resource Policy; Proprietary Firms; Applied Finance (search for similar items in EconPapers)
Date: 2010
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