1980•PsychometrikaRequires access

A Simple Model for the Utility of Gambling

Peter C. Fishburn

Abstract

A model of the utility of gambling is presented in a modified von Neumann-Morgenstern format. Axioms imply a utility function that preserves preferences between sure things and between gambles. The addition of a utility of gambling term to the expected utility of a gamble preserves preference comparisons between gambles and sure things. Aspects of the utility of gambling are noted, and comparisons are made to standard concepts of risk attitudes.

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Key concepts: Von Neumann–Morgenstern utility theorem, Expected utility hypothesis, Subjective expected utility, Axiom, Utility theory, Preference, Mathematical economics, Simple (philosophy)