Concept information
Preferred term
von neumann-morgenstern utility function
Definition
- John von Neumann and Oskar Morgenstern extended the theory of consumer preferences by incorporating a theory of behavior toward risk variance. The utility function that bears their names arises from the expected utility hypothesis. [Source: Encyclopedia of Business Ethics and Society; Von Neumann-Morgenstern Utility Function]
Broader concept
Belongs to group
URI
https://concepts.sagepub.com/social-science/concept/von_neumann-morgenstern_utility_function
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