On utility functions

descriptionPublicationkeyboard_double_arrow_right Article 01 Aug 1974 English Publisher:Springer Science and Business Media LLCJournal:Theory and Decision, volume 5, pages 205-242 (issn: 0040-5833, eissn: 1573-7187,

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Authors: Bernard, Georges;

doi: 10.1007/bf00143248

On utility functions

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Abstract

The von Neumann-Morgenstern (vNM) expected utility criterion is a particular case of a more general utility space structure. The general utility function can take care of the intrinsic utility or disutility of risk. An approximation to this general utility function is the proposed Constant Elasticities of Value and Risk (CEVR) function, which is easily applied in specific cases, for instance in psychometric studies of behaviors in the presence of certain or uncertain gains or losses.

Keywords

Utility theory

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