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One-Reason Decision-Making: Modeling Violations of Expected Utility Theory

Konstantinos V. Katsikopoulos and Gerd Gigerenzer

in Heuristics: The Foundations of Adaptive Behavior

Published in print:
2011
Published Online:
May 2011
ISBN:
9780199744282
eISBN:
9780199894727
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780199744282.003.0008
Subject:
Psychology, Cognitive Psychology, Human-Technology Interaction

People violate expected utility theory and this has been traditionally modeled by augmenting its weight-and-add framework by nonlinear transformations of values and probabilities. Yet individuals ... More


The Expected Utility Theory and Measurement Theory of von Neumann and Morgenstern, 1944–1947

Ivan Moscati

in Measuring Utility: From the Marginal Revolution to Behavioral Economics

Published in print:
2018
Published Online:
December 2018
ISBN:
9780199372768
eISBN:
9780199372805
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/oso/9780199372768.003.0010
Subject:
Economics and Finance, Microeconomics

Chapter 9 discusses the axiomatic version of expected utility theory (EUT), a theory of decision-making under risk, put forward by John von Neumann and Oskar Morgenstern in their book Theory of Games ... More


What Is That Function?: Friedman, Savage, Marschak, Samuelson, and Baumol on EUT, 1947–1950

Ivan Moscati

in Measuring Utility: From the Marginal Revolution to Behavioral Economics

Published in print:
2018
Published Online:
December 2018
ISBN:
9780199372768
eISBN:
9780199372805
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/oso/9780199372768.003.0011
Subject:
Economics and Finance, Microeconomics

Chapter 10 reconstructs the first part of the American debate on expected utility theory (EUT), which ranges from 1947, when the second edition of John von Neumann and Oskar Morgenstern’s Theory of ... More


From Chicago to Paris: The Debate Continues, 1950–1952

Ivan Moscati

in Measuring Utility: From the Marginal Revolution to Behavioral Economics

Published in print:
2018
Published Online:
December 2018
ISBN:
9780199372768
eISBN:
9780199372805
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/oso/9780199372768.003.0012
Subject:
Economics and Finance, Microeconomics

Chapter 11 studies the second phase of the debate on expected utility theory (EUT), which commenced in May 1950, when Paul Samuelson, Leonard J. Savage, Jacob Marschak, Milton Friedman, and William ... More


Experimental Utility Measurement: The Age of Confidence I, 1950–1960

Ivan Moscati

in Measuring Utility: From the Marginal Revolution to Behavioral Economics

Published in print:
2018
Published Online:
December 2018
ISBN:
9780199372768
eISBN:
9780199372805
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/oso/9780199372768.003.0014
Subject:
Economics and Finance, Microeconomics

Chapter 13 discusses some laboratory experiments to measure the utility of money for individuals on the basis of their preferences between gambles where small amounts of money were at stake. The ... More


Marschak and Utility Measurement at Yale: The Age of Confidence II, 1960–1965

Ivan Moscati

in Measuring Utility: From the Marginal Revolution to Behavioral Economics

Published in print:
2018
Published Online:
December 2018
ISBN:
9780199372768
eISBN:
9780199372805
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/oso/9780199372768.003.0015
Subject:
Economics and Finance, Microeconomics

Chapter 14 continues the history of the experimental attempts to measure utility by discussing two further experiments performed at Yale University in the early 1960s, one by Trenery Dolbear and the ... More


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