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Retrospective on the Utility Theory of von Neumann and Morgenstern

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  • 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

Suggested Citation

  • Fishburn, Peter C, 1989. "Retrospective on the Utility Theory of von Neumann and Morgenstern," Journal of Risk and Uncertainty, Springer, vol. 2(2), pages 127-157, June.
  • Handle: RePEc:kap:jrisku:v:2:y:1989:i:2:p:127-57
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    Citations

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    Cited by:

    1. John Weymark, 2005. "Measurement theory and the foundations of utilitarianism," Social Choice and Welfare, Springer;The Society for Social Choice and Welfare, vol. 25(2), pages 527-555, December.
    2. Derrick Huang, C. & Hu, Qing & Behara, Ravi S., 2008. "An economic analysis of the optimal information security investment in the case of a risk-averse firm," International Journal of Production Economics, Elsevier, vol. 114(2), pages 793-804, August.
    3. Jean Baccelli & Philippe Mongin, 2016. "Choice-based cardinal utility: a tribute to Patrick Suppes," Journal of Economic Methodology, Taylor & Francis Journals, vol. 23(3), pages 268-288, July.
    4. 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.
    5. Mehrez, Abraham, 1997. "The interface between OR/MS and decision theory," European Journal of Operational Research, Elsevier, vol. 99(1), pages 38-47, May.
    6. Michaël Lainé, 2014. "Vers une alternative au paradigme de la rationalité ? Victoires et déboires du programme spinoziste en économie," Post-Print hal-01335618, HAL.
    7. Bleichrodt, Han, 1997. "Health utility indices and equity considerations," Journal of Health Economics, Elsevier, vol. 16(1), pages 65-91, February.
    8. Tsaur, Ruey-Chyn, 2013. "Fuzzy portfolio model with different investor risk attitudes," European Journal of Operational Research, Elsevier, vol. 227(2), pages 385-390.
    9. Mohammed Abdellaoui & Han Bleichrodt & Olivier l’Haridon, 2013. "Sign-dependence in intertemporal choice," Journal of Risk and Uncertainty, Springer, vol. 47(3), pages 225-253, December.
    10. Louis Raymond Eeckhoudt & Elisa Pagani & Eugenio Peluso, 2017. "Multidimensional Risk Aversion: The Cardinal Sin," Working Papers 12/2017, University of Verona, Department of Economics.
    11. Yanick Farmer, 2015. "Using vNM expected utility theory to facilitate the decision-making in social ethics," Journal of Risk Research, Taylor & Francis Journals, vol. 18(10), pages 1307-1319, November.
    12. Dorian Jullien, 2017. "Under Risk, Over Time, Regarding Other People: Language and Rationality Within Three Dimensions
      [Face au risque, dans le temps, par rapport aux autres : langage et rationalité dans trois dimensions
      ," Post-Print halshs-01651042, HAL.
    13. Abellan-Perpiñan, Jose Maria & Bleichrodt, Han & Pinto-Prades, Jose Luis, 2009. "The predictive validity of prospect theory versus expected utility in health utility measurement," Journal of Health Economics, Elsevier, vol. 28(6), pages 1039-1047, December.
    14. Marc Le Menestrel, 2001. "A Process Approach to the Utility for Gambling," Theory and Decision, Springer, vol. 50(3), pages 249-262, May.
    15. Carlo Zappia, 2015. "Daniel Ellsberg on the Ellsberg Paradox," Department of Economics University of Siena 716, Department of Economics, University of Siena.

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