Difference between revisions of "Expected utility"

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m (Stuart Armstrong's series)
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=====By Stuart Armstrong:=====
 
=====By Stuart Armstrong:=====
*[http://lesswrong.com/lw/1cv/extreme_risks_when_not_to_use_expected_utility/ Extreme Risks: When Not to Use Expected Utility]
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*[http://lesswrong.com/lw/1cv/extreme_risks_when_not_to_use_expected_utility/ Extreme risks: when not to use expected utility]
*[http://lesswrong.com/lw/1d5/expected_utility_without_the_independence_axiom/ Expected utility without the Independence Axiom]
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*[http://lesswrong.com/lw/1d5/expected_utility_without_the_independence_axiom/ Expected utility without the independence axiom]
*[http://lesswrong.com/lw/1dr/money_pumping_the_axiomatic_approach/ Money pumping: the Axiomatic Approach]
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*[http://lesswrong.com/lw/1dr/money_pumping_the_axiomatic_approach/ Money pumping: the axiomatic approach]
 
*[http://lesswrong.com/lw/1ga/in_conclusion_in_the_land_beyond_money_pumps_lie/ In conclusion: in the land beyond money pumps lie extreme events]
 
*[http://lesswrong.com/lw/1ga/in_conclusion_in_the_land_beyond_money_pumps_lie/ In conclusion: in the land beyond money pumps lie extreme events]
  

Revision as of 08:42, 5 January 2010

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Expected utility is the expected value of a utility function.

Von Neumann and Morgenstern proved the expected utility theorem, which says that when a rational agent chooses between different "gambles" (probability distributions over outcomes), the utility of such a gamble can always be seen as the expected utility of the gamble's outcome.

Humans, of course, are a different story.

Blog posts

By Stuart Armstrong:

See also