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Expected Utility Theory - Lecture Slides

Lecture 8: Expected Utility Theory Alexander Wolitzky MIT 1 The Plan Course so far introduced basic Theory of choice and Utility , extended to consumer and producer Theory . Last topic extends in another direction: choice under uncertainty 2 Choice under Uncertainty All choices made under some kind of uncertainty. Sometimes useful to ignore uncertainty, focus on ultimate choices. Other times, must model uncertainty explicitly. Examples: Insurance markets. Financial markets. Game Theory . 3 Overview Impose extra assumptions on basic choice model of Lectures 1 2.

Game theory. 3. Overview. Impose extra assumptions on basic choice model of Lectures 1—2. Rather than choosing outcome directly, decision-maker chooses uncertain prospect (or lottery). A lottery is a probability distribution over outcomes. ... “Notes on the Theory of Choice.” ...

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