# Expected utility without utility

@article{Castagnoli1996ExpectedUW, title={Expected utility without utility}, author={Erio Castagnoli and Marco Li Calzi}, journal={Theory and Decision}, year={1996}, volume={41}, pages={281-301} }

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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