Accession Number : AD0457597

Title :   NOTES ON UTILITY THEORY,

Corporate Author : GEORGE WASHINGTON UNIV WASHINGTON DC

Personal Author(s) : Lady, George M.

Report Date : 23 FEB 1965

Pagination or Media Count : 20

Abstract : This paper is a brief review of utility theory as used in the economics of consumer behavior. The tools of measurement theory are employed, utility being viewed as an application of measurement scales. Notions of the domain and converse domain of a relation are developed to assist in explaining the meaning of relational structures. The concept of a critical probability function is used to represent behavior under conditions of risk. The use of this function permits the organization of behavior not normally considered rational, and thus, not easily manageable. (Author)

Descriptors :   (*BEHAVIOR, ECONOMICS), (*ECONOMICS, MEASURE THEORY), MEASUREMENT, STATISTICAL FUNCTIONS, PROBABILITY, DECISION MAKING, MATHEMATICAL MODELS, SET THEORY, GAME THEORY.

Distribution Statement : APPROVED FOR PUBLIC RELEASE