Expected utility without utility

  title={Expected utility without utility},
  author={Erio Castagnoli and Marco Li Calzi},
  journal={Theory and Decision},
This paper advances an interpretation of Von Neumann-Morgenstern's expected utility model for preferences over lotteries which does not require the notion of a cardinal utility over prizes and can be phrased entirely in the language of probability. According to it, the expected utility of a lottery can be read as the probability that this lottery outperforms another given independent lottery. The implications of this interpretation for some topics and models in decision theory are considered. 
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