A conditional expected utility model for myopic decision makers

Theory and Decision 12 (2):185-206 (1980)

Leigh Tesfatsion
Iowa State University
An expected utility model of individual choice is formulated which allows the decision maker to specify his available actions in the form of controls (partial contingency plans) and to simultaneously choose goals and controls in end-mean pairs. It is shown that the Savage expected utility model, the Marschak- Radner team model, the Bayesian statistical decision model, and the standard optimal control model can be viewed as special cases of this goal-control expected utility model.
Keywords Conditional expected utility  Bounded rationality  Goal-directed decisions
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DOI 10.1007/BF00154361
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References found in this work BETA

The Foundations of Statistics.Leonard J. Savage - 1954 - Wiley Publications in Statistics.
The Logic of Decision.Henry E. Kyberg - 1968 - Philosophical Review 77 (2):250.
The Foundations of Statistics.Leonard J. Savage - 1959 - Synthese 11 (1):86-89.

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Citations of this work BETA

Games, Goals, and Bounded Rationality.Leigh Tesfatsion - 1984 - Theory and Decision 17 (2):149-175.

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