A model for the experimental measurement of the utility of gambling
Systems Research and Behavioral SciencePublished 17 January 2007
H. L. Royden, Patrick Suppes, Karol Walsh
Citations46
SJR quartileQ2
SJR score0.47
SNIP1.02
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Abstract
It seems obvious that a gambler is motivated to take risks by expectation of gain. In the development of a theory of gambling behavior the need has been recognized of determining the gambler's “utility function” with respect to money, that is, the relative worth to him of various amounts of money. But more than money may be involved in the gambler's expected gain. Gambling itself may have a “utility” for him. Here a theory of gambling decisions takes into account both utilities.
Keywords
Economics, Econometrics and Finance
American Mathematical Society eBooksTheory of games and economic behavior
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