Utility of Gains and Losses: Measurement, Theoretical and Experimental Approaches

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This new monograph presents Dr. Luce's current understanding of the behavioral properties people exhibit (or should exhibit) when they make selections among alternatives and how these properties lead to numerical representations of those preferences. It summarizes, and places in historical perspective, the research Dr. Luce has done on utility theory for over 10 years. Included are axiomatic theoretical formulations, experiments designed to test individual assumptions, and analyses of the fit to bodies of data of numerical representations derived from the theory.
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What People Are Saying

A. A. J. Marley
This is a tremendous book that integrates Luce's very important recent theoretical and empirical research on choice under uncertainty with the work of other researchers. Beginning a decade ago, Luce began building a very sophisticated theoretical structure that integrates utility theory with the concept of 'joint receipt', which essentially corresponds to the intuitive idea of receiving two valued items at the same time. In a series of works, culminating in this book, Luce has shown that reasonable properties of this superficially simple concept, in conjunction with somewhat more standard utility ideas, lead to exciting new theories of choice under uncertainty. Importantly, Luce not only develops these revolutionary theoretical ideas, but he tests them with students and colleagues. Anyone wanting to know about contemporary utility theories that are both theoretically and empirically grounded must read this book, as must anyone who will enjoy sharing the obvious delight in his work of an outstanding practitioner of the mathematical behavioral sciences.
—( A.A.J. Marley, McGill University)
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Product Details

  • ISBN-13: 9780805834604
  • Publisher: Taylor & Francis
  • Publication date: 12/28/1999
  • Series: Scientific Psychology Series
  • Pages: 346
  • Lexile: 1380L (what's this?)
  • Product dimensions: 6.10 (w) x 9.10 (h) x 1.10 (d)

Table of Contents

Contents: Preface. Introduction. Basic Assumptions. Binary Gambles of Gains. Joint Receipt of Gains. General Gambles of Gains. Additive Utility Over Mixed Consequences. Additive Value Over Mixed Consequences. Concluding Comments. Appendices: Summary of Notations. Basic Behavioral Assumptions. PEST Procedure. Additive Conjoint Measurement. Major Definitions.
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