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Expected Utility Illustrated: A Graphical Analysis of Gambles with More than Two Possible Outcomes

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  • Frederick H. Chen

Abstract

The author presents a simple geometric method to graphically illustrate the expected utility from a gamble with more than two possible outcomes. This geometric result gives economics students a simple visual aid for studying expected utility theory and enables them to analyze a richer set of decision problems under uncertainty compared to what they typically see in an intermediate-level microeconomics course.

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  • Frederick H. Chen, 2010. "Expected Utility Illustrated: A Graphical Analysis of Gambles with More than Two Possible Outcomes," The Journal of Economic Education, Taylor & Francis Journals, vol. 41(1), pages 63-70, January.
    • Handle: RePEc:taf:jeduce:v:41:y:2010:i:1:p:63-70
    DOI: 10.1080/00220480903382214
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    Cited by:

    1. Michael Brooks, 2015. "Analytic conservatism and analytic radicalism: Of understated distinctions and other analytical things," Constitutional Political Economy, Springer, vol. 26(4), pages 442-454, December.

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