Sentence examples for maximise expected utility from inspiring English sources

This means that instead of making choices to maximise expected utility, one simply minimises surprise – under the prior belief that one will end up in desirable states.

The key device to achieve this, introduced in this review, is to convert the utilitarian formulation of classical economic theory, in which choices are assumed to maximise expected utility, into a pure (Bayesian) inference problem.

As a result, the pair of preferences under discussion cannot be represented as maximising expected utility.

We provide a local propagation algorithm for finding an optimal decision strategy and maximising expected utility.

The assumption made earlier can now be formally stated: When the above holds, we say that there is an expected utility function that represents the agent's preferences; in other words, the agent can be represented as maximising expected utility.

They consist in showing what conditions on preferences over "real world options" suffice for the existence of a pair of utility and probability functions relative to which the agent can be represented as maximising expected utility.

In the book Savage presents a set of axioms constraining preferences over a set of options that guarantee the existence of a pair of probability and utility functions relative to which the preferences can be represented as maximising expected utility.

In practice, the two are treated separately: different decision rules are compared under the assumption that learning is by Bayesian conditionalisation, or else different learning rules are compared under the assumption that the agent maximises expected utility.

In addition to Transitivity and Completeness, vNM introduce further principles governing rational preferences over lotteries, and show that an agent's preferences can be represented as maximising expected utility whenever her preferences satisfy these principles.

An agent needs to have some variation in preference for it to be possible to read off her comparative beliefs from her preferences; and, more generally, for it to be possible to represent her as maximising expected utility.

Then \ \preceq\) satisfies axioms 1 4 if and only if there exists a function \ u\), from \ \bO\) into the set of real numbers, that is unique up to positive linear transformation, and relative to which \ \preceq\) can be represented as maximising expected utility.