On elements of chance

DOI10.1023/A:1005288012381MaRDI QIDQ5948899zbMATH OpenOpenAlexFDO

Authors R. Duncan Luce, A. A. J. Marley

Publication date 15 January 2003

Published in Theory and Decision (Search for Journal in Brave)

Full work available at URL https://doi.org/10.1023/a:1005288012381

zbMATH Keywords

element of chancegamblingkernel equivalentutility representation

Mathematics Subject Classification ID

Utility theory for games (91A30) Utility theory (91B16) Psychophysics and psychophysiology; perception (91E30)

Review text

Under the assumption of segregation, some kind of gambles can be expressed as the joint receipt of the common consequence and it is called ``an element of chance. After defining the kernel equivalent, the utility representation of the kernel equivalents together with the derived form of utility over joint receipts yields a utility representation of the original structure.

Recommendations

• Utility of gambling. I: Entropy modified linear weighted utility
• Joint receipt and certainty equivalents of gambles
• On the utility of gambling: Extending the approach of Meginniss (1976)
• Utility of gambling. II: Risk, paradoxes, and data
• Subjective Probability and Expected Utility without Additivity

Cited in

(8)

• Ranked additive utility representations of gambles: Old and new axiomatizations
• Measurement analogies: comparisons of behavioral and physical measures
• An experimental test of reduction invariance
• Utility of gambling under p(olynomial)-additive joint receipt and segregation or duplex decomposition
• Utility of gambling when events are valued: An application of inset entropy
• Utility of gambling. I: Entropy modified linear weighted utility
• Purity, resistance, and innocence in utility theory
• Utility of gambling. II: Risk, paradoxes, and data

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