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Utility of gambling I: entropy modified linear weighted utility |
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| Authors: | R Duncan Luce C T Ng A A J Marley János Aczél |
| Institution: | (1) Institute for Mathematical Behavioral Sciences, Social Science Plaza, University of California, Irvine, CA 92697-5100, USA;(2) Department of Pure Mathematics, University of Waterloo, Waterloo, ON, N2L 3G1, Canada;(3) Department of Psychology, University of Victoria, Victoria, V8W 3P5, Canada |
| Abstract: | Behavioral axioms about preference orderings among gambles and their joint receipt lead to numerical representations consisting of a subjective utility term plus a term depending upon the events and the subjective weights. The results here are for uncertain alternatives, in much the same sense as Savage’s usage. Several open problems are described. Results for the risky case are in a second article. |
| Keywords: | Duplex decomposition Entropy Functional equations Joint receipt Linear weighted utility Segregation Utility of gambling |
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