Advertisement

Utility Theories: Measurements and Applications

  • Ward Edwards

Part of the Studies in Risk and Uncertainty book series (SIRU, volume 3)

Table of contents

  1. Front Matter
    Pages i-xv
  2. Review

    1. Front Matter
      Pages 1-1
  3. The Old Time Religion and Its Implementation

    1. Front Matter
      Pages 25-25
    2. Ronald A. Howard
      Pages 27-55
    3. John M. Miyamoto
      Pages 73-106
  4. Generalized Utility is not Normative

  5. What Should Descriptive Decision Models Look Like? What Do They Describe?

  6. Discussion

    1. Front Matter
      Pages 269-269
    2. Thomas Eppel, David Matheson, John Miyamoto, George Wu, Stuart Eriksen
      Pages 271-294
  7. Back Matter
    Pages 295-300

About this book

Introduction

The Conference on "Utility: Theories, Measurements, and Applications" met at the Inn at Pasatiempo in Santa Cruz, California, from June II to 15, 1989. The all-star cast of attendees are listed as authors in the Table of Contents of this book (see p. V), except for Soo Hong Chew and Amos Tversky. The purpose of the conference, and of National Science Foundation Grant No. SES-8823012 that supported it, was to confront proponents of new generalized theories of utility with leading decision analysts com­ mitted to the implementation, in practice, of the more traditional theory that these new theories reject. That traditional model is variously iden­ tified in this book as expected utility or subjectively expected utility maximization (EU or SEU for short) and variously attributed to von Neumann and Morgenstern or Savage. I had feared that the conference might consist of an acrimonious debate between Olympian normative theorists uninterested in what people actually do and behavioral modelers obsessed with the cognitive illusions and uninterested in helping people to make wise decisions. I was entirely wrong. The conferees, in two dramatic straw votes at the open­ ing session, unanimously endorsed traditional SEU as the appropriate normative model and unanimously agreed that people don't act as that model requires. (These votes had a profound impact on my thinking; detail about them and about that impact is located in Chapter 10.

Keywords

calculus decision analysis utility utility theory

Editors and affiliations

  • Ward Edwards
    • 1
  1. 1.Social Science Research InstituteUniversity of Southern CaliforniaUSA

Bibliographic information

  • DOI https://doi.org/10.1007/978-94-011-2952-7
  • Copyright Information Kluwer Academic Publishers 1992
  • Publisher Name Springer, Dordrecht
  • eBook Packages Springer Book Archive
  • Print ISBN 978-0-7923-9227-9
  • Online ISBN 978-94-011-2952-7
  • Series Print ISSN 0926-972X
  • Buy this book on publisher's site