...Ivan Moscati The article studies the origin, content, and impact of two experiments to measure the utility of money, one by Frederick Mosteller and Philip Nogee in 1948–49 and one by Donald Davidson, Patrick Suppes, and Sidney Siegel in 1954. Both experiments relied on expected utility theory (EUT...

... evaluate bets by taking into account the average of the utilities of the monetary payoffs of the bets. This hypothesis was later called expected utility theory. Second, Bernoulli assumed that the marginal utility of money is diminishing. Szpiro labels this latter assumption as nothing less than the basic...

... that can be recovered from actual choice behavior that satisfies the weak axioms of revealed preferences. Moscati explains why the label utility theory is retained in the period from these developments to mid-twentieth century expected utility theory. During this time the well-known American...

... for Expected Utility Theory .” In The Experiment in the History of Economics , edited by Fontaine P. Leonard Robert J. , 25 – 49 . New York : Routledge . Jallais Sophie Pradier Pierre-Charles Teira David . 2008 . “ Facts, Norms and Expected Utility Functions .” History...

... of experience utility, plays in relation to framing decision scenarios, and bootstrapping the expected utility hypothesis relative to expected utility theory. 1. Synopsis of AMP’s Critique a m p ’s book is about the possibly pernicious effects of “economics impe­ rialism” in the area of health care...

..., Mary Anne. See Eliot, historical methods, use of, 74, George 76 Evolutionary economics, 56–57, 60 instinct psychology, applied to, Expected utility theory. See also 104–7 Davidson-Suppes-Siegel...

... of the mathematical appendix-does not quite conclude that utility theory cannot explain gambling; rather, it merely asserts that maximization of the expected utility of wealth is inconsistent with gambling at fair odds if diminishing marginal utility is maintained. In particular, it leaves open...

..., hence, in principle as an indirect test of expected utility theory. Introduction 7 It became apparent that real people can and do distort probabilities; they also become confused when facing gambles with complicated odds. Interestingly...

.... Sloan and Russell Sage Foundations’ Behavioral Economics Program, 1984–1992 . Science in Context . Jallais S. Pradier P.-C. . 2005 . The Allais Paradox and Its Immediate Consequences for Expected Utility Theory . In The Experiment in the History of Economics , edited by Fontaine P...

... of expected utility theory. Evaluation is a teleological/ functional theory; it describes an outcome but not the process the system uses to achieve it. Evaluation, according to prospect theory, modifies util- ity theory in three ways: 1. The idea of a reference point or adaptation level, which is set...

... of the book under review here) tends to notice how clever it was to think of it in the first place. Their invention of von Neumann and Morgenstern utility functions (for use in expected utility theory) is equally well established. Nor does anyone doubt that von Neumann and Morgenstern were right to say...

... in expected utility theory) is equally well established. Nor does anyone doubt that von Neumann and Morgenstern were right to say that the rational solution of a two- person, zero-sum game is for each player to use one of their maximin strategies. However, von Neumann and Morgenstern stable sets are now...

... in expected utility theory) is equally well established. Nor does anyone doubt that von Neumann and Morgenstern were right to say that the rational solution of a two- person, zero-sum game is for each player to use one of their maximin strategies. However, von Neumann and Morgenstern stable sets are now...

... in expected utility theory) is equally well established. Nor does anyone doubt that von Neumann and Morgenstern were right to say that the rational solution of a two- person, zero-sum game is for each player to use one of their maximin strategies. However, von Neumann and Morgenstern stable sets are now...

... of the book under review here) tends to notice how clever it was to think of it in the first place. Their invention of von Neumann and Morgenstern utility functions (for use in expected utility theory) is equally well established. Nor does anyone doubt that von Neumann and Morgenstern were right to say...

... of the book under review here) tends to notice how clever it was to think of it in the first place. Their invention of von Neumann and Morgenstern utility functions (for use in expected utility theory) is equally well established. Nor does anyone doubt that von Neumann and Morgenstern were right to say...

... of the book under review here) tends to notice how clever it was to think of it in the first place. Their invention of von Neumann and Morgenstern utility functions (for use in expected utility theory) is equally well established. Nor does anyone doubt that von Neumann and Morgenstern were right to say...

... of the book under review here) tends to notice how clever it was to think of it in the first place. Their invention of von Neumann and Morgenstern utility functions (for use in expected utility theory) is equally well established. Nor does anyone doubt that von Neumann and Morgenstern were right to say...

... of the book under review here) tends to notice how clever it was to think of it in the first place. Their invention of von Neumann and Morgenstern utility functions (for use in expected utility theory) is equally well established. Nor does anyone doubt that von Neumann and Morgenstern were right to say...

... of von Neumann and Morgenstern utility functions (for use in expected utility theory) is equally well established. Nor does anyone doubt that von Neumann and Morgenstern were right to say that the rational solution of a two- person, zero-sum game is for each player to use one of their maximin...