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Retrospective on the Utility Theory of von Neumann and Morgenstern

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Author Info
 Fishburn, Peter C
Abstract

This article offers an exegesis of the passages in von Neumann and Morgenstern (1944, 1947, 1953) that discuss their conception of utility. It is occasioned by two factors. First, as we approach the semicentennial of the publication of THEORY OF GAMES AND ECONOMIC BEHAVIOR, its immense impact on economics thought in the intervening years encourages serious reflection on its authors' ideas. Second, misleading statements about the theory continue to appear. The article will have accomplished its purpose if it helps others appreciate the genius and spirit of the theory of utility fashioned by John von Neumann and Oskar Morgenstern. Copyright 1989 by Kluwer Academic Publishers

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Publisher Info
Article provided by Springer in its journal Journal of Risk and Uncertainty.

Volume (Year): 2 (1989)
Issue (Month): 2 (June)
Pages: 127-57
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Handle: RePEc:kap:jrisku:v:2:y:1989:i:2:p:127-57

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  1. Francesco Guala, 2000. "The logic of normative falsification: rationality and experiments in decision theory," Journal of Economic Methodology, Taylor and Francis Journals, vol. 7(1), pages 59-93, March. [Downloadable!] (restricted)
  2. Marc Le Menestrel & Luk N. Van Wassenhove, 2001. "The Domain and Interpretation of Utility Functions: An Exploration," Economics Working Papers 576, Department of Economics and Business, Universitat Pompeu Fabra. [Downloadable!]
  3. Marc Le Menestrel & Luk Van Wassenhove, 2001. "The Domain and Interpretation of Utility Functions: An Exploration," Theory and Decision, Springer, vol. 51(2), pages 329-349, December. [Downloadable!] (restricted)
  4. Marc Le Menestrel, 2001. "A Process Approach to the Utility for Gambling," Theory and Decision, Springer, vol. 50(3), pages 249-262, May. [Downloadable!] (restricted)
  5. Marc Le Menestrel, 2001. "A Process Approach to the Utility for Gambling," Economics Working Papers 570, Department of Economics and Business, Universitat Pompeu Fabra. [Downloadable!]
  6. John A. Weymark, 2005. "Measurement Theory and the Foundations of Utilitarianism," Working Papers 0507, Department of Economics, Vanderbilt University. [Downloadable!]
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