A utility function that can be subjected to a positive affine transformation without altering the implied preference order.
The certain outcome which would confer a utility level equal to the expected utility of entering a gamble.
A comprehensive exploration of Expected Utility, a crucial concept in economics and decision theory used to evaluate the utility derived from various risky prospects.
An exploration of Rank Dependent Expected Utility Theory, its historical context, mathematical framework, applications, and relevance in addressing anomalies in traditional expected utility theory.
Regret Theory is a framework in decision-making where individuals anticipate the regret they might feel if a wrong choice is made and incorporate this anticipation into their decision processes. This theory offers an alternative to the expected utility hypothesis and helps explain various economic anomalies.
An in-depth exploration of utility maximization in economics, encompassing historical context, types, key events, models, examples, and its broad applicability.
