| 1. | Then we maximize the expected value of a concave expected utility function.
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| 2. | His work include the theory of Maxmin Expected Utility with David Schmeidler.
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| 3. | Choice under uncertainty is often characterized as the maximization of expected utility.
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| 4. | Rabin criticizes this implication of expected utility theory on grounds of implausibility.
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| 5. | Proponents of this view suggest using an expected utility calculation instead.
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| 6. | Thus we can write expected utility in terms of two moments of w:
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| 7. | Theories of bounded rationality relax one or more assumptions of standard expected utility theory .
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| 8. | This is reflected in the theory of subjective expected utility.
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| 9. | Recently, expected utility theory has been extended to arrive at more behavioral decision models.
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| 10. | If the uncertainty is uniformly distributed, then expected utility maximization becomes expected value maximization.
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