A utility function measures a consumer’s preference and satisfaction with different goods or services. As part of rational choice theory, it helps economists analyze how consumers make decisions to ...

According to epistemic utility theory, epistemic rationality is teleological: epistemic norms are instrumental norms that have the aim of acquiring accuracy. What’s definitive of these norms is that ...

Suppose we know the utility function of a risk averse decision maker who values a risky prospect X at a price C E. Based on this information alone I develop upper bounds for the tails of the ...