scholarly journals Asymptotic analysis of the expected utility maximization problem with respect to perturbations of the numéraire

2020 ◽  
Vol 130 (7) ◽  
pp. 4444-4469 ◽  
Author(s):  
Oleksii Mostovyi
Keyword(s):  
Asymptotic Analysis ◽  
Expected Utility ◽  
Utility Maximization ◽  
Maximization Problem ◽  
Expected Utility Maximization ◽  
Utility Maximization Problem

scholarly journals Kim and Omberg Revisited: The Duality Approach

2015 ◽  
Vol 2015 ◽  
pp. 1-6 ◽  
Author(s):  
Anna Battauz ◽  
Marzia De Donno ◽  
Alessandro Sbuelz
Keyword(s):  
Expected Utility ◽  
Explicit Solution ◽  
Utility Maximization ◽  
Optimal Investment ◽  
Incomplete Market ◽  
Maximization Problem ◽  
Expected Utility Maximization ◽  
Duality Approach ◽  
Utility Maximization Problem ◽  
Optimal Investment Problem

We give an alternative duality-based proof to the solution of the expected utility maximization problem analyzed by Kim and Omberg. In so doing, we also provide an example of incomplete-market optimal investment problem for which the duality approach is conducive to an explicit solution.

scholarly journals Reasoning about social preferences with uncertain beliefs

2021 ◽  
Author(s):  
isaac davis ◽  
Ryan W. Carlson ◽  
Yarrow Dunham ◽  
Julian Jara-Ettinger
Keyword(s):  
Expected Utility ◽  
Utility Maximization ◽  
Social Preference ◽  
Social Preferences ◽  
Social Judgments ◽  
Social Agents ◽  
Preference Reasoning ◽  
The Face ◽  
Expected Utility Maximization ◽  
Social Uncertainty

We propose a computational model of social preference judgments that accounts for the degree of an agents’ uncertainty about the preferences of others. Underlying this model is the principle that, in the face of social uncertainty, people interpret social agents’ behavior under an assumption of expected utility maximization. We evaluate our model in two experiments which each test a different kind of social preference reasoning: predicting social choices given information about social preferences, and inferring social preferences after observing social choices. The results support our model and highlight how un- certainty influences our social judgments.

Specialist versus Generalist Decision Making

2018 ◽  
Author(s):  
Armin W. Schulz
Keyword(s):  
Decision Making ◽  
Expected Utility ◽  
Utility Maximization ◽  
Decision Rules ◽  
Mental States ◽  
Vast Array ◽  
Expected Utility Maximization

A number of scholars argue that human and animal decision making, at least to the extent that it is driven by representational mental states, should be seen to be the result of the application of a vast array of highly specialized decision rules. By contrast, other scholars argue that we should see human and animal representational decision making as the result of the application of a handful general principles—such as expected utility maximization—to a number of specific instances. This chapter shows that, using the results of chapters 5 and 6, it becomes possible to move this dispute forwards: the account of the evolution of conative representational decision making defended in chapter 6 together with the account of the evolution of cognitive representational decision making defended in chapter 5, makes clear that both sides of this dispute contain important insights, and that it is possible to put this entire dispute on a clearer and more precise foundation. Specifically, I show that differentially general decision rules are differentially adaptive in different circumstances: certain particular circumstances favor specialized decision making, and certain other circumstances favor more generalist decision making.

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