Investopedia contributors come from a range of backgrounds, and over 25 years there have been thousands of expert writers and editors who have contributed. In economics, demand is the consumer's ...

Investopedia contributors come from a range of backgrounds, and over 25 years there have been thousands of expert writers and editors who have contributed. Robert Kelly is managing director of XTS ...

In economics, the utility function measures the welfare or satisfaction of a consumer as a function of the consumption of real goods, such as food or clothing. Utility function is widely used in ...

In order to investigate the usefulness of the von Neumann-Morgenstern utility concept in an actual decision making context, 30 subjects were interviewed. Their responses to questions were used to ...

We proffer a method to assess the adequacy of expected utility theory (EUT) in empirical studies involving discrete and continuous choices. The method calibrates a utility function to revealed choices ...