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Von Neumann-Morgenstern Utility Theory Question
There's a question in my ECON notes that I don't understand, any help would be greatly appreciated.
Here are the definitions used about VNM Utility Theory.
The question is posted after the definitions....
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Utility of both players in St. Petersbourg paradox - behavioural economics
Im reading a paper by Karl Menger [1] about the St. Peterbourg paradox :
In the theory of probability, the "Petersburg Game" designates the
follow- ing gamei between two persons, A and B. ...
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Conceptual explanation/prediction of utility function. Extraction of utility function from Big Data
It seems to me, that utility function usually is just a set of facts. Is there a framework or model for utility function that can explain or predict utility function. I. e. if user has value for item ...
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