Sentence examples similar to framework of expected utility from inspiring English sources

According to the normative concept of expected utility maximization [19], derived from the expected utility model of Daniel Bernoulli, people should choose the option that gives the highest expected utility.

The concept of expected utility is used to elucidate decisions made under conditions of risk.

Maximization of expected utility recommends studying.

On Savage's definition of expected utility, expected utility theory entails Independence.

This constitutes a violation of expected utility theory.

Defenders of expected utility theory typically require that utility be measured by a linear scale.

Defining probability and utility using the representation theorems thus weakens the traditional principle of expected utility.

Gibbard and Harper distinguished two types of expected utility.

The concept of expected utility is best illustrated by example.

See Briggs (2014) for more discussion of expected utility.

Yet whether utility-maximization implies instrumentalism depends upon the version of expected utility theory that one subscribes to.