expected utility vs expected value

u00 (x) <0 when xis a single variable. The consumer is expected to be able to rank the items or outcomes in terms of preference, but the expected value will be conditioned by their probability of occurrence. It is calculated as follows: The probability of (die not showing a six) is multiplied by the value of that outcome: (⅚)*(-1) = -$0.83 Expected utility theory can be used to address practical questions in epistemology. The expected value of option b) consists of two components we need to add up. Generalizing to any prospect xwe compare what the utility of its expected value of its expected utility u[E(x)] ≷E[u(x)];.>implies risk aversion,
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