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13 relations: Cardinal utility, Coherence (philosophical gambling strategy), Daniel Bernoulli, Decision theory, Electoral system, Frank P. Ramsey, Range voting, Social choice theory, St. Petersburg paradox, Subjective expected utility, Utilitarianism, Utility, Von Neumann–Morgenstern utility theorem.
Cardinal utility
In economics, a cardinal utility function or scale is a utility index that preserves preference orderings uniquely up to positive affine transformations.
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Coherence (philosophical gambling strategy)
In a thought experiment proposed by the Italian probabilist Bruno de Finetti in order to justify Bayesian probability, an array of wagers is coherent precisely if it does not expose the wagerer to certain loss regardless of the outcomes of events on which they are wagering, even if their opponent makes the most judicious choices.
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Daniel Bernoulli
Daniel Bernoulli FRS (8 February 1700 – 17 March 1782) was a Swiss mathematician and physicist and was one of the many prominent mathematicians in the Bernoulli family.
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Decision theory
Decision theory (or the theory of choice) is the study of the reasoning underlying an agent's choices.
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Electoral system
An electoral system is a set of rules that determines how elections and referendums are conducted and how their results are determined.
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Frank P. Ramsey
Frank Plumpton Ramsey (22 February 1903 – 19 January 1930) was a British philosopher, mathematician and economist who made fundamental contributions to abstract algebra before his death at the age of 26.
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Range voting
Range voting or score voting is an electoral system for single-seat elections, in which voters give each candidate a score, the scores are added (or, equivalently, averaged), and the candidate with the highest total is elected.
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Social choice theory
Social choice theory or social choice is a theoretical framework for analysis of combining individual opinions, preferences, interests, or welfares to reach a collective decision or social welfare in some sense.
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St. Petersburg paradox
The St.
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Subjective expected utility
In decision theory, subjective expected utility is the attractiveness of an economic opportunity as perceived by a decision-maker in the presence of risk.
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Utilitarianism
Utilitarianism is an ethical theory that states that the best action is the one that maximizes utility.
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Utility
Within economics the concept of utility is used to model worth or value, but its usage has evolved significantly over time.
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Von Neumann–Morgenstern utility theorem
In decision theory, the von Neumann-Morgenstern utility theorem shows that, under certain axioms of rational behavior, a decision-maker faced with risky (probabilistic) outcomes of different choices will behave as if he or she is maximizing the expected value of some function defined over the potential outcomes at some specified point in the future.
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