On the utility of gambling: Extending the approach of Meginniss (1976) (Q998745)

This paper deals with the axiomatic approach of utility of gambling. The authors give a generalization of \textit{Meginniss'} paper: [Proc. Amer. Stat. Assoc. (1976)], under weaker conditions, following his framework. They define a gamble decomposition and develop the functional equation associated with it. From the solution, they obtain a representation of the utility function.