Von Neumann-Morgenstern utility theory is a promising method to measure and model consumer preference. Its theoretical foundations provide explicit risk measures and testable behavioral conditions for ...
Daniel Liberto is a journalist with over 10 years of experience working with publications such as the Financial Times, The Independent, and Investors Chronicle. Robert Kelly is managing director of ...
Revealed preference theory provides axiomatic tools for assessing whether individuals make observable choices “as if” they are maximizing an underlying utility function. The theory evokes a tradeoff ...