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- Von_Neumann–Morgenstern_utility_theorem abstract "In decision theory, the von Neumann-Morgenstern utility theorem shows that, under certain axioms of rational behavior, a decision-maker faced with risky (probabilistic) outcomes of different choices will behave as if he is maximizing the expected value of some function defined over the potential outcomes. This function is known as the von Neumann-Morgenstern utility function. The theorem is the basis for expected utility theory.In 1947, John von Neumann and Oskar Morgenstern proved that any individual whose preferences satisfied four axioms has a utility function; such an individual's preferences can be represented on an interval scale and the individual will always prefer actions that maximize expected utility. That is, they proved that an agent is (VNM-)rational if and only if there exists a real-valued function u defined by possible outcomes such that every preference of the agent is characterized by maximizing the expected value of u, which can then be defined as the agent's VNM-utility (it is unique up to adding a constant and multiplying by a positive scalar). No claim is made that the agent has a "conscious desire" to maximize u, only that u exists.Any individual whose preferences violate von Neumann and Morgenstern's axioms would agree to a Dutch book, which is a set of bets that necessarily leads to a loss. Therefore, it is arguable that any individual who violates the axioms is irrational. The expected utility hypothesis is that rationality can be modeled as maximizing an expected value, which given the theorem, can be summarized as "rationality is VNM-rationality".VNM-utility is a decision utility in that it is used to describe decision preferences. It is related but not equivalent to so-called E-utilities (experience utilities), notions of utility intended to measure happiness such as that of Bentham's Greatest Happiness Principle.".
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- Von_Neumann–Morgenstern_utility_theorem wikiPageWikiLink Allais_paradox.
- Von_Neumann–Morgenstern_utility_theorem wikiPageWikiLink Archimedean_property.
- Von_Neumann–Morgenstern_utility_theorem wikiPageWikiLink Axiom.
- Von_Neumann–Morgenstern_utility_theorem wikiPageWikiLink Category:Game_theory.
- Von_Neumann–Morgenstern_utility_theorem wikiPageWikiLink Category:Theorems.
- Von_Neumann–Morgenstern_utility_theorem wikiPageWikiLink Category:Utility.
- Von_Neumann–Morgenstern_utility_theorem wikiPageWikiLink Consequentialism.
- Von_Neumann–Morgenstern_utility_theorem wikiPageWikiLink Daniel_Bernoulli.
- Von_Neumann–Morgenstern_utility_theorem wikiPageWikiLink Decision_theory.
- Von_Neumann–Morgenstern_utility_theorem wikiPageWikiLink Dutch_book.
- Von_Neumann–Morgenstern_utility_theorem wikiPageWikiLink Ellsberg_paradox.
- Von_Neumann–Morgenstern_utility_theorem wikiPageWikiLink Expected_utility_hypothesis.
- Von_Neumann–Morgenstern_utility_theorem wikiPageWikiLink Expected_utility_theory.
- Von_Neumann–Morgenstern_utility_theorem wikiPageWikiLink Expected_value.
- Von_Neumann–Morgenstern_utility_theorem wikiPageWikiLink Gamble.
- Von_Neumann–Morgenstern_utility_theorem wikiPageWikiLink Gambling.
- Von_Neumann–Morgenstern_utility_theorem wikiPageWikiLink Generalized_expected_utility.
- Von_Neumann–Morgenstern_utility_theorem wikiPageWikiLink Greatest_happiness_principle.
- Von_Neumann–Morgenstern_utility_theorem wikiPageWikiLink Independence_of_irrelevant_alternatives.
- Von_Neumann–Morgenstern_utility_theorem wikiPageWikiLink Interval_scale.
- Von_Neumann–Morgenstern_utility_theorem wikiPageWikiLink Intractability.
- Von_Neumann–Morgenstern_utility_theorem wikiPageWikiLink Intractable.
- Von_Neumann–Morgenstern_utility_theorem wikiPageWikiLink Jeremy_Bentham.
- Von_Neumann–Morgenstern_utility_theorem wikiPageWikiLink John_Forbes_Nash,_Jr..
- Von_Neumann–Morgenstern_utility_theorem wikiPageWikiLink John_Forbes_Nash_Jr._(mathematician).
- Von_Neumann–Morgenstern_utility_theorem wikiPageWikiLink John_Stuart_Mill.
- Von_Neumann–Morgenstern_utility_theorem wikiPageWikiLink John_von_Neumann.
- Von_Neumann–Morgenstern_utility_theorem wikiPageWikiLink Level_of_measurement.
- Von_Neumann–Morgenstern_utility_theorem wikiPageWikiLink Mutual_exclusivity.
- Von_Neumann–Morgenstern_utility_theorem wikiPageWikiLink Mutually_exclusive.
- Von_Neumann–Morgenstern_utility_theorem wikiPageWikiLink Oskar_Morgenstern.
- Von_Neumann–Morgenstern_utility_theorem wikiPageWikiLink Peter_C._Fishburn.
- Von_Neumann–Morgenstern_utility_theorem wikiPageWikiLink Preference_(economics).
- Von_Neumann–Morgenstern_utility_theorem wikiPageWikiLink Probability.
- Von_Neumann–Morgenstern_utility_theorem wikiPageWikiLink Rationality.
- Von_Neumann–Morgenstern_utility_theorem wikiPageWikiLink Risk.
- Von_Neumann–Morgenstern_utility_theorem wikiPageWikiLink Risk_aversion.
- Von_Neumann–Morgenstern_utility_theorem wikiPageWikiLink Transitivity.
- Von_Neumann–Morgenstern_utility_theorem wikiPageWikiLink Utilitarianism.
- Von_Neumann–Morgenstern_utility_theorem wikiPageWikiLink Utility.
- Von_Neumann–Morgenstern_utility_theorem wikiPageWikiLink Utility_function.
- Von_Neumann–Morgenstern_utility_theorem wikiPageWikiLinkText "Von Neumann–Morgenstern utility theorem".
- Von_Neumann–Morgenstern_utility_theorem wikiPageWikiLinkText "Von Neumann–Morgenstern utility theorem#The axioms".
- Von_Neumann–Morgenstern_utility_theorem wikiPageWikiLinkText "Von Neumann–Morgenstern utility".
- Von_Neumann–Morgenstern_utility_theorem wikiPageWikiLinkText "von Neumann and Morgenstern".
- Von_Neumann–Morgenstern_utility_theorem wikiPageWikiLinkText "von Neumann–Morgenstern utility function".
- Von_Neumann–Morgenstern_utility_theorem wikiPageWikiLinkText "von Neumann–Morgenstern utility functions".
- Von_Neumann–Morgenstern_utility_theorem wikiPageWikiLinkText "von Neumann–Morgenstern utility theorem".
- Von_Neumann–Morgenstern_utility_theorem wikiPageWikiLinkText "von Neumann–Morgenstern utility".
- Von_Neumann–Morgenstern_utility_theorem wikiPageWikiLinkText "von Neumann–Morgenstern".
- Von_Neumann–Morgenstern_utility_theorem wikiPageWikiLinkText "von Neumann—Morgenstern utility representation theorem".
- Von_Neumann–Morgenstern_utility_theorem wikiPageWikiLinkText "von-Neumann–Morgenstern axioms".
- Von_Neumann–Morgenstern_utility_theorem hasPhotoCollection Von_Neumann–Morgenstern_utility_theorem.
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- Von_Neumann–Morgenstern_utility_theorem subject Category:Game_theory.
- Von_Neumann–Morgenstern_utility_theorem subject Category:Theorems.
- Von_Neumann–Morgenstern_utility_theorem subject Category:Utility.
- Von_Neumann–Morgenstern_utility_theorem comment "In decision theory, the von Neumann-Morgenstern utility theorem shows that, under certain axioms of rational behavior, a decision-maker faced with risky (probabilistic) outcomes of different choices will behave as if he is maximizing the expected value of some function defined over the potential outcomes. This function is known as the von Neumann-Morgenstern utility function.".
- Von_Neumann–Morgenstern_utility_theorem label "Von Neumann–Morgenstern utility theorem".
- Von_Neumann–Morgenstern_utility_theorem sameAs Von_Neumann-Morgenstern-nutsfunctie.
- Von_Neumann–Morgenstern_utility_theorem sameAs m.0bmg8g2.
- Von_Neumann–Morgenstern_utility_theorem sameAs Q4358367.
- Von_Neumann–Morgenstern_utility_theorem sameAs Q4358367.
- Von_Neumann–Morgenstern_utility_theorem wasDerivedFrom Von_Neumann–Morgenstern_utility_theorem?oldid=678882191.
- Von_Neumann–Morgenstern_utility_theorem isPrimaryTopicOf Von_Neumann–Morgenstern_utility_theorem.