On the utility of gambling: Extending the approach of Meginniss (1976) (Q998745)
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scientific article; zbMATH DE number 5500352
| Language | Label | Description | Also known as |
|---|---|---|---|
| English | On the utility of gambling: Extending the approach of Meginniss (1976) |
scientific article; zbMATH DE number 5500352 |
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On the utility of gambling: Extending the approach of Meginniss (1976) (English)
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29 January 2009
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This paper deals with the axiomatic approach of utility of gambling. The authors give a generalization of \textit{Meginniss'} paper: [Proc. Amer. Stat. Assoc. (1976)], under weaker conditions, following his framework. They define a gamble decomposition and develop the functional equation associated with it. From the solution, they obtain a representation of the utility function.
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entropy
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expected utility
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functional equations
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gamble decomposition
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utility of gambling
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