Expected Utility Illustrated: A Graphical Analysis of Gambles with More than Two Possible Outcomes
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.
Volume (Year): 41 (2010)
Issue (Month): 1 (January)
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