• DOI:10.1063/1.4940236
Corpus ID: 9726238

Evaluating gambles using dynamics.

@article{Peters2016EvaluatingGU,
  title={Evaluating gambles using dynamics.},
  author={O. Peters and M. Gell-Mann},
  journal={Chaos},
  year={2016},
  volume={26 2},
  pages={
          023103
        }
}

O. Peters, M. Gell-Mann

Published 2016

Computer Science, Medicine, Economics, Physics

Chaos

Gambles are random variables that model possible changes in wealth. Classic decision theory transforms money into utility through a utility function and defines the value of a gamble as the expectation value of utility changes. Utility functions aim to capture individual psychological characteristics, but their generality limits predictive power. Expectation value maximizers are defined as rational in economics, but expectation values are only meaningful in the presence of ensembles or in… CONTINUE READING

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