About: Von Neumann–Morgenstern utility theorem

Facets (new session)
Description
Metadata
Settings
- Rule:
- Inverse Functional Properties:
- "Same As":

About: Von Neumann–Morgenstern utility theorem Goto Sponge NotDistinct Permalink

An Entity of Type : yago:Theorem106752293, within Data Space : dbpedia.org associated with source document(s)
QRcode icon

http://dbpedia.org/describe/?url=http%3A%2F%2Fdbpedia.org%2Fresource%2FVon_Neumann%E2%80%93Morgenstern_utility_theorem

In decision theory, the von Neumann–Morgenstern (VNM) 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. This function is known as the von Neumann–Morgenstern utility function. The theorem is the basis for expected utility theory.

Attributes	Values
rdf:type	yago:WikicatTheorems yago:Abstraction100002137 yago:Communication100033020 yago:Message106598915 yago:Proposition106750804 yago:Statement106722453 yago:Theorem106752293
rdfs:label	Théorème d'utilité de von Neumann-Morgenstern (fr) Von Neumann-Morgenstern-nutsfunctie (nl) Von Neumann–Morgenstern utility theorem (en)
rdfs:comment	Le théorème d'utilité de von Neumann-Morgenstern montre qu'un agent obéissant à des axiomes de se comporte de manière à optimiser son gain dans une situation de choix risqué, c'est-à-dire où les choix sont multiples (probabilités strictement entre 0 et 1). (fr) In decision theory, the von Neumann–Morgenstern (VNM) 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. This function is known as the von Neumann–Morgenstern utility function. The theorem is the basis for expected utility theory. (en) In 1947 zetten John von Neumann en Oskar Morgenstern vier relatief bescheiden 'rationaliteits'-axioma's uiteen, die zodanig zijn dat elke economische agent, die aan deze axioma's voldoet, een nutsfunctie heeft. Een nutsfunctie die aan deze vier 'rationaliteits'-axioma's voldoet noemt men een Von Neumann-Morgenstern-nutsfunctie. De verwachte nutshypothese stelt dat rationaliteit kan worden gemodelleerd als het maximaliseren van een verwachte waarde, wat gelet op de stelling kan worden samengevat als "rationaliteit is Von Neumann-Morgenstern-rationaliteit". (nl)
dcterms:subject	John von Neumann Game theory Theorems Utility
Wikipage page ID	26898094 (xsd:integer)
Wikipage revision ID	1109577105 (xsd:integer)
Link from a Wikipage to another Wikipage	John von Neumann Game theory Allais paradox Archimedean property John von Neumann Peter C. Fishburn Utilitarianism Utility function Decision theory Independence of irrelevant alternatives Interval scale Intractability (complexity) Ellsberg paradox Generalized expected utility Gamble Consequentialism Theorems Daniel Bernoulli Risk aversion Transitive relation Expected value Oskar Morgenstern Utility Preference (economics) Probability Rationality Jeremy Bentham Econometrica Axiom Greatest happiness principle Lottery (probability) Business Value theory Expected utility hypothesis Mutually exclusive Sixto Rios Expected utility theory
Link from a Wikipage to an external page	http://www.mat.ucm.es/serv/revmat/vol11-1/vol11-1g.html
sameAs	Von Neumann–Morgenstern utility theorem Von Neumann–Morgenstern utility theorem Von Neumann–Morgenstern utility theorem Von Neumann–Morgenstern utility theorem Von Neumann–Morgenstern utility theorem Von Neumann–Morgenstern utility theorem
dbp:wikiPageUsesTemplate	dbt:Cite_journal dbt:Clarify dbt:ISBN dbt:Main dbt:Refbegin dbt:Reflist dbt:Rp dbt:Short_description
date	March 2016 (en)
text	possible with various VNM-utility functions (en)
has abstract	Le théorème d'utilité de von Neumann-Morgenstern montre qu'un agent obéissant à des axiomes de se comporte de manière à optimiser son gain dans une situation de choix risqué, c'est-à-dire où les choix sont multiples (probabilités strictement entre 0 et 1). (fr) In decision theory, the von Neumann–Morgenstern (VNM) 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. This function is known as the von Neumann–Morgenstern utility function. The theorem is the basis for expected utility theory. In 1947, John von Neumann and Oskar Morgenstern proved that any individual whose preferences satisfied four axioms has a utility function; such an individual's preferences can be represented on an interval scale and the individual will always prefer actions that maximize expected utility. That is, they proved that an agent is (VNM-)rational if and only if there exists a real-valued function u defined by possible outcomes such that every preference of the agent is characterized by maximizing the expected value of u, which can then be defined as the agent's VNM-utility (it is unique up to adding a constant and multiplying by a positive scalar). No claim is made that the agent has a "conscious desire" to maximize u, only that u exists. The expected utility hypothesis is that rationality can be modeled as maximizing an expected value, which given the theorem, can be summarized as "rationality is VNM-rationality". However, the axioms themselves have been critiqued on various grounds, resulting in the axioms being given further justification. VNM-utility is a decision utility in that it is used to describe decision preferences. It is related but not equivalent to so-called E-utilities (experience utilities), notions of utility intended to measure happiness such as that of Bentham's Greatest Happiness Principle. (en) In 1947 zetten John von Neumann en Oskar Morgenstern vier relatief bescheiden 'rationaliteits'-axioma's uiteen, die zodanig zijn dat elke economische agent, die aan deze axioma's voldoet, een nutsfunctie heeft. Een nutsfunctie die aan deze vier 'rationaliteits'-axioma's voldoet noemt men een Von Neumann-Morgenstern-nutsfunctie. Von Neumann en Morgenstern hebben aangetoond dat een agent dan en slechts dan (Von Neumann-Morgenstern)-rationeel is als er een reëel-waardige functie u gedefinieerd is op alle mogelijke uitkomsten, zodanig dat elke preferentie van de agent wordt gekenmerkt door het maximaliseren van de verwachte waarde van u, dat vervolgens kan worden gedefinieerd als het Von Neumann-Morgenstern-nut van de agent (het is uniek "up to" het optellen van een constante en voor vermenigvuldiging met een positieve scalair). Er wordt niet beweerd dat de agent een "bewuste wens" heeft om u te maximaliseren, alleen dat u bestaat. De verwachte nutshypothese stelt dat rationaliteit kan worden gemodelleerd als het maximaliseren van een verwachte waarde, wat gelet op de stelling kan worden samengevat als "rationaliteit is Von Neumann-Morgenstern-rationaliteit". Von Neumann-Morgenstern-nut is een beslissingsnut in die zin dat het wordt gebruikt om beslissingspreferenties te beschrijven. Het is verwant, maar niet equivalent aan het zogenaamde E-nut (ervaringsnut), noties van nut die bedoeld zijn om geluk te meten, zoals dat van Jeremy Benthams grootstegelukprincipe. (nl)
prov:wasDerivedFrom	wikipedia-en:Von_Neumann–Morgenstern_utility_theorem?oldid=1109577105&ns=0
page length (characters) of wiki page	20345 (xsd:nonNegativeInteger)
foaf:isPrimaryTopicOf	wikipedia-en:Von_Neumann–Morgenstern_utility_theorem
is Link from a Wikipage to another Wikipage of	Cardinal utility Princeton University Department of Mathematics Approval voting John von Neumann Debreu theorems Intertemporal CAPM Contract theory Epstein–Zin preferences Health Utilities Index Larry Temkin Bargaining Oskar Morgenstern Rationality Jean-François Mertens Austrian School Sixto Ríos VNM Utilitarian rule Expected utility hypothesis List of things named after John von Neumann The Market for Lemons

Faceted Search & Find service v1.17_git139 as of Feb 29 2024

Alternative Linked Data Documents: ODE Content Formats:

RDF

ODATA

Microdata

About

OpenLink Virtuoso version 08.03.3330 as of Mar 19 2024, on Linux (x86_64-generic-linux-glibc212), Single-Server Edition (61 GB total memory, 49 GB memory in use)
Data on this page belongs to its respective rights holders.
Virtuoso Faceted Browser Copyright © 2009-2024 OpenLink Software