Concept information
Preferred term
expected utility
Definition
- As part of rational choice theory, the concept of expected utility is used to elucidate decisions made under conditions of risk. The expected utility of an action is a function of both an agent's estimation of the utility of the various outcomes possible given that action and the likelihood of those outcomes occurring. [Source: Encyclopedia of Business Ethics and Society; Expected Utility]
Broader concept
Belongs to group
URI
https://concepts.sagepub.com/social-science/concept/expected_utility
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