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Definition of expected utility in English:
expected utility
noun
Mathematics EconomicsA predicted utility value for one of several options, calculated as the sum of the utility of every possible outcome each multiplied by the probability of its occurrence.
- ‘Kitcher gives this claim some rigour by putting idealized, but reasonable, values on the probabilities and expected utilities of different strategies in the search for truth.’
- ‘The first column under each simulation indicates how the expected utility of smuggling drugs changes as the value of the key policy variable is manipulated.’
- ‘Roemer argues that if individuals maximize their expected utility on the insurance market, they insure against states in which they have low marginal utility.’
- ‘This is the key insight of expected utility theory - expected values and expected utility do not rank alternative gambles the same way.’
- ‘One way to view this difference is that agents who correlate their strategies exogenously can calculate their expected utilities conditional on their own strategies.’
Further reading
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