The Development, Derivation, and Classical Application of the Utility Function in DecisionTheory

Abstract

This study was made to present a fairly unified and overall view of the utility concept in decision theory. As yet, only a small amount of literature has been presented from the mathematical standpoint, that deals with the entire scope of utility. By coordinating the definition with an axiom system, and later proving the existence of such a function, with the help of Blackwell and Girshick, one may obtain a brief but complete picture of the notion.