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A model for the experimental measurement of the utility of gambling
Author(s) -
Royden Halsey L.,
Suppes Patrick,
Walsh Karol
Publication year - 1959
Publication title -
behavioral science
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 0.371
H-Index - 45
eISSN - 1099-1743
pISSN - 0005-7940
DOI - 10.1002/bs.3830040103
Subject(s) - expected utility hypothesis , subjective expected utility , economics , von neumann–morgenstern utility theorem , utility theory , function (biology) , prospect theory , microeconomics , actuarial science , mathematical economics , evolutionary biology , biology
It seems obvious that a gambler is motivated to take risks by expectation of gain. In the development of a theory of gambling behavior the need has been recognized of determining the gambler's “utility function” with respect to money, that is, the relative worth to him of various amounts of money. But more than money may be involved in the gambler's expected gain. Gambling itself may have a “utility” for him. Here a theory of gambling decisions takes into account both utilities.