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Entropy-Related Measures of the Utility of Gambling

In: The Mathematics of Preference, Choice and Order

Author

Listed:
  • R. Duncan Luce

    (University of California)

  • Anthony J. Marley

    (University of Victoria)

  • Che Tat Ng

    (University of Waterloo)

Abstract

The first author has known Peter for a very long time, dating back some 45 years to when we met at a colloquium he gave at the University of Pennsylvania. After that our paths crossed fairly often. For example, in the early 1970s, he spent a year at the Institute for Advanced Study where Luce spent three years until the attempt to establish a program in scientific social science was abandoned for a more literary approach favored by the humanists and, surprisingly, the mathematicians then at the Institute. The second author has learnt a tremendous amount about both substantive and technical issues from Peter's work, beginning with Peter's book “Utility Theory for Decision Making” (Fishburn, 1970), which he reviewed for Contemporary Psychology (see Marley, 1972). Peter's volume on interval orders (Fishburn, 1985) was a marvelous development of various ideas related to the algebra of imperfect discrimination that elaborated the first author's initial work on semiorders (Luce, 1956).

Suggested Citation

  • R. Duncan Luce & Anthony J. Marley & Che Tat Ng, 2009. "Entropy-Related Measures of the Utility of Gambling," Studies in Choice and Welfare, in: Steven J. Brams & William V. Gehrlein & Fred S. Roberts (ed.), The Mathematics of Preference, Choice and Order, pages 5-25, Springer.
    • Handle: RePEc:spr:stcchp:978-3-540-79128-7_1
    DOI: 10.1007/978-3-540-79128-7_1
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