Expected utility without utility

Article, Preprint OPEN
Castagnoli, E.; Licalzi, M.;
  • Identifiers: doi: 10.1007/BF00136129
  • Subject: expected utility; cardinal utility; benchmark; risk attitude; stochastic dominance | expected utility, cardinal utility, benchmark, risk attitude, stochastic dominance
    • jel: jel:C7 | jel:D8

This paper advances an interpretation of Von Neumann–Morgenstern’s expected utility model for preferences over lotteries which does not require the notion of a cardinal utility over prizes and can be phrased entirely in the language of probability. According to it, the ... View more
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