Application 1 - Choice under uncertainty
Автор: Thomas Lloyd
Загружено: 2023-06-26
Просмотров: 61
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Keywords: Microeconomics. Microtheory. Decision theory. Choice under uncertainty. Rational agent. Probability.
In this short video, we review an example of how to evaluate and rank (or order) lotteries over (sure-thing) alternatives. Given a preference ordering of sure-thing alternatives, together with a utility value for each of these alternatives, we can compute the expected utility of lotteries a.k.a. probability distributions over these alternatives. It is simply a weighted average of probability 1 or degenerate lotteries which correspond exactly to sure-thing alternatives.
Thumbnail credit: Robert Ruggiero on Unsplash.
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