# Difference between revisions of "Expected utility"

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Humans, of course, are a different story. | Humans, of course, are a different story. | ||

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+ | ==Blog posts== | ||

+ | |||

+ | =====By Stuart Armstrong:===== | ||

+ | *[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] | ||

+ | *[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] | ||

==See also== | ==See also== |

## Revision as of 11:02, 25 November 2009

**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:

- Extreme Risks: When Not to Use Expected Utility
- Expected utility without the Independence Axiom
- Money pumping: the Axiomatic Approach
- In conclusion: in the land beyond money pumps lie extreme events