Center for Economic Research, Department of Economics, University of Minnesota
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."
Tesfatsion, L., (1975), "An Expected Utility Model with Endogenously Determined Goals", Discussion Paper No. 58, Center for Economic Research, Department of Economics, University of Minnesota.
An Expected Utility Model with Endogenously Determined Goals.
Center for Economic Research, Department of Economics, University of Minnesota.
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