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What Is Economic Psychology? The Perspective of Economic Psychology and the Research Framework Read chapter Read first chapter

2019 | OriginalPaper | Chapter

3. Expected Utility Theory and Economic Behavior: Predicting Decision Making Based on the Expected Value of Utility

Author : Kazuhisa Takemura

Published in: Foundations of Economic Psychology

Publisher: Springer Singapore

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Abstract

Although economic behavior is often exhibited under conditions of uncertainty, we can decide future behavior to a certain extent by assigning a probability value to the uncertainty of the future.

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previous chapter Rational Choice and Revealed Preference: Theoretical Representation of Preference Relations Leading to the Best Choice
next chapter Nonlinear Utility Theory and Prospect Theory: Eliminating the Paradoxes of Linear Expected Utility Theory
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Metadata
Title
Expected Utility Theory and Economic Behavior: Predicting Decision Making Based on the Expected Value of Utility
Author
Kazuhisa Takemura
Copyright Year
2019
Publisher
Springer Singapore
Book
Foundations of Economic Psychology

Print ISBN: 978-981-13-9048-7

Electronic ISBN: 978-981-13-9049-4

Copyright Year: 2019

DOI
https://doi.org/10.1007/978-981-13-9049-4_3