NDLI: Utility of Gambling when Events are Valued: an Application of Inset Entropy

Content Provider	Springer Nature Link
Author	Ng, C. T. Duncan Luce, R. Marley, A. A. J.
Copyright Year	2007
Abstract	The present theory leads to a set of subjective weights such that the utility of an uncertain alternative (gamble) is partitioned into three terms involving those weights—a conventional subjectively weighted utility function over pure consequences, a subjectively weighted value function over events, and a subjectively weighted function of the subjective weights. Under several assumptions, this becomes one of several standard utility representations, plus a weighted value function over events, plus an entropy term of the weights. In the finitely additive case, the latter is the Shannon entropy; in all other cases it is entropy of degree not 1. The primary mathematical tool is the theory of inset entropy.
Starting Page	23
Ending Page	63
Page Count	41
File Format	PDF
ISSN	00405833
Journal	Theory and Decision
Volume Number	67
Issue Number	1
e-ISSN	15737187
Language	English
Publisher	Springer US
Publisher Date	2007-10-18
Publisher Place	Boston
Access Restriction	One Nation One Subscription (ONOS)
Subject Keyword	duplex decomposition functional equation Shannon entropy gamble decomposition inset entropy segregation utility of gambling valued events Operations Research/Decision Theory Methodology of the Social Sciences Game Theory, Economics, Social and Behav. Sciences Game Theory/Mathematical Methods Economic Theory
Content Type	Text
Resource Type	Article
Subject	Arts and Humanities Economics, Econometrics and Finance Developmental and Educational Psychology Social Sciences Decision Sciences Applied Psychology Computer Science Applications

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