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OR Forum—Perspectives on Utility Theory

Author

Listed:
  • David E. Bell

    (Harvard University, Boston, Massachusetts)

  • Peter H. Farquhar

    (Carnegie-Mellon University, Pittsburgh, Pennsylvania)

Abstract

Utility theory is a branch of decision analysis that is concerned with building models to explain and guide choice behavior under uncertainty in situations in which “long run” expected values are too simplistic. Beginning with Bernoulli in the 18th century, researchers have tried to analyze how people do and how people should make decisions when risk aversion is a factor. In this paper, we review some recent developments in the area.

Suggested Citation

  • David E. Bell & Peter H. Farquhar, 1986. "OR Forum—Perspectives on Utility Theory," Operations Research, INFORMS, vol. 34(1), pages 179-183, February.
    • Handle: RePEc:inm:oropre:v:34:y:1986:i:1:p:179-183
    DOI: 10.1287/opre.34.1.179
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    Cited by:

    1. Hess, James D. & Holthausen Jr., Duncan M., 1988. "Beyond Risk Aversion: Eccentricity In Weighted Expected Utility," Department of Economics and Business - Archive 259431, North Carolina State University, Department of Economics.

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    Keywords

    91 decision analysis; 851 utility theory;

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