The agent then tries to satisfice the expected utility and to maximize the robustness against uncertainty in the imprecise probabilities.
42.
A expected utility, subject to the constraints of the model and provided the number of other voters is sufficiently large.
43.
In this article, Prospect theory, a descriptive theory of framing and probability weighting ) and economics ( expected utility ).
44.
The point of these models was to allow a wider range of behavior than was consistent with expected utility theory.
45.
If preferences reverse based on inconsequential aspects of how the problem is framed, people cannot possibly be maximizing expected utility.
46.
In light of the ambiguity in the probabilities of the outcomes, the agent is unable to evaluate a precise expected utility.
47.
In the absence of uncertainty about the threshold, expected utility maximization simplifies to maximizing the probability of achieving some fixed target.
48.
The most influential theoretical approach is economic game theory ( i . e ., rational choice theory, expected utility theory ).
49.
The main point Allais wished to make is that the independence axiom of expected utility theory may not be a valid axiom.
50.
Expected Utility Theory ( EUT ) poses a utility calculation linearly combining weights and values of the probabilities associated with various outcomes.
