The Expected Utility Hypothesis and the Measurability of Utility
Carroll, John Henry
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The objectives of this paper are three-fold; (a) to present the expected utility hypothesis and its mathematical axioms, (b) to present and discuss the support for and criticisms against the hypothesis, and (c) to discuss the implications of the hypothesis and its relevance to economic theory. Even though the paper is concerned with the economic aspects of the hypothesis, some portions of the hypothesis are mathematically oriented, especially the axioms. Therefore the hypothesis will be presented in such a manner that it remains within the mathematical limitations of the general reader. Reference to detailed mathematical proofs of the axioms, etc. will, however, be provided for those mathematically inclined or for those who would like to pursue the hypothesis further.If you are not a current K College student, faculty, or staff member, email email@example.com to request access to this SIP.