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.