The History and Methodology of Expected Utility

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Ivan Moscati (Università degli Studi dell'Insubria, Italy and Baffi Carefin, Università Bocconi, Milan)

The History and Methodology of Expected Utility

Ivan Moscati (Università degli Studi dell'Insubria, Italy and Baffi Carefin, Università Bocconi, Milan)

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English

Cambridge University Press
31 August 2023

Risk assessment; Economic theory & philosophy; Microeconomics; Management decision making; Game theory

Series: Elements in Decision Theory and Philosophy

This Element offers an accessible but technically detailed review of expected utility theory (EU), which is a model of individual decision-making under uncertainty that is central for both economics and philosophy. The Element's approach falls between the history of ideas and economic methodology. At the historical level, it reviews EU by following its conceptual evolution from its original formulation in the eighteenth century through its transformations and extensions in the mid-twentieth century to its more recent supersession by post-EU theories such as prospect theory. In reconstructing the history of EU, it focuses on the methodological issues that have accompanied its evolution, such as whether the utility function and the other components of EU correspond to actual mental entities. On many of these issues, no consensus has yet been reached, and in this Element the author offers his view on them.

By: Ivan Moscati (Università degli Studi dell'Insubria Italy and Baffi Carefin Università Bocconi Milan)
Imprint: Cambridge University Press
Country of Publication: United Kingdom
Weight: 144g
ISBN: 9781009198264
ISBN 10: 1009198262
Series: Elements in Decision Theory and Philosophy
Pages: 75
Publication Date: 31 August 2023
Audience: College/higher education , Primary
Format: Paperback
Publisher's Status: Active

1. Introduction; 2. Bernoulli's EU; 3. Fortunes and misfortunes of Bernoulli's EU; 4. Von Neumann and Morgenstern's EU: presentation; 5. Von Neumann and Morgenstern's EU: discussion; 6. Savage's EU; 7. Beyond EU: prospect theory; 8. A very short conclusion; References.