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Economics can be a real scramble if you do not understand properly. It is mainly conceptual. Without garnering these concepts very clearly, one cannot proceed with the mathematical calculations. Expected Utility is just one of such theories that need detailed studying. If you feel stuck with it, feel free to subscribe to our expected utility assignment help to get expert assistance on the subject.
A brief history of the term-
Daniel Bernoulli first introduced expected utility and used it to solve St. Petersburg Paradox. However, Oster Morgenstern and Jon von Neumann’s book Theory of Fames and Economic Behavior is considered as the cornerstone of expected utility.
Know a little on the topic-
Expected Utility of a product or an act is calculated taking together the weighted average of all the utilities of its each possible outcome. The utility of each outcome is weighted according to the probability that the act or product will yield that outcome. This affects three different entities- outcome, state and choice. Our study guides for expected utility homework help illustrate these three with simple daily life examples.
However, here is a brief discussion of the above stated three entities. For your better example, let us take an example- Tomorrow is your exam and you need to decide whether to take the car or not.
- Outcomes-
These are objects of non-instrumental preferences. For example, you will either reach on time or get late.
- States-
These are within the decision maker’s control that. If we take up the above example, there might either be traffic on road or there might not be. Another set of states is- you might get a public transport or you might not.
- Choice-
Expected Utility determines the choice-worthiness of any act or product. The higher the expected utility, the more will it be choice worthy.
Our expected utility assignment help services offers excellent PowerPoint presentations on these for a better understanding of students and management professionals. It helps in taking decisions under uncertainty and enables them to choose acts or products that have the highest utility.
Areas where students, as well as professionals, face maximum trouble:
- The Von Neumann-Morgenstern Utility Theorem
- Measuring agent’s preferences that include the different concepts and types of utility
- Risk, ignorance and uncertainty
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