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- Title
THE EXPECTED CONDITIONAL UTILITY THEOREM FOR THE CASE OF PERSONAL PROBABILITIES AND STATE-CONDITIONAL UTILITY FUNCTIONS: A PROOF AND SOME NOTES.
- Authors
Jones-Lee, M. W.
- Abstract
This article attempts to provide an alternative justification for the expected conditional utility hypothesis. It must be conceded that the expected conditional utility hypothesis is a very natural, intuitively appealing and analytically convenient modification to the standard expected utility approach and it is therefore not surprising that it has been widely employed in the analysis of optimal life insurance, safety, and in the theory of the firm. Indeed, a simple two-state version of the hypothesis could easily be applied to the good health and illness.
- Subjects
UTILITY theory; ECONOMIC demand; LIFE insurance; EXPECTED utility; MULTIPLE-line insurance; IRREVOCABLE trusts; LIVING benefits
- Publication
Economic Journal, 1979, Vol 89, Issue 356, p834
- ISSN
0013-0133
- Publication type
Article
- DOI
10.2307/2231502