This paper advances an interpretation of Von Neumann-Morgenstern's expected utility model for preferences over lotteries which does not require the notion of a cardinal utility over prizes and can be phrased entirely in the language of probability. According to it, the expected utility of a lottery can be read as the probability that this lottery outperforms another given independent lottery. The implications of this interpretation for some topics and models in decision theory are considered. © 1996 Kluwer Academic Publishers.
CITATION STYLE
Castagnoli, E., & Calzi, M. L. I. (1996). Expected utility without utility. Theory and Decision, 41(3), 281–301. https://doi.org/10.1007/BF00136129
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