Von-Neumann-Morgenstern

This criteria is the one which economists believe in. It is similar to the average criteria except that each column is weighted with the probability of a state of nature being existent.

Each row is given the value:

Sum (h=1,n, uih*ph) where ph is the probability associated with column h.

And you pick the maximum row value.

source

jl@crush.caltech.edu index

weighted_utility