.

.

.

.

.

)Utility(

.

(Diminishing Marginal Utility) .

.

) Utility Index( :

. . A B A B B

A . . .

A B B C A C .

A B A . . B A B

C B B A . A P A

B C P .

)1( P

)Utility Function ( .

: H L .

0 L . . 100 H

.X P . H L .

L P H

.

0)( =LU100)( =HU

)(XU

)1( P

. .

)Gamble( : . H L

P100 PU 100)( =

PPP 100)1(0100 =+

: 1 :

: ) ( )( )( .

.400=L800=H0)400( =U

100)800( =U

: 200 . 100 $ 200

$ 800 99 . $ 400

$ 200 2

65 . .

$ 200 P = 0.65 .

: 200

: P = 0.85

.

40021 =

65035.010065.0

)400(35.0)800(65.0)200(

=+=

+= UUU

85015.010085.0

)400(15.0)800(85.0)400(

=+=

+= UUU

)400(U)200(U)400(U)800(U

X ) ) . ij)(XU

). Risk(

X .

)Risk Averse (

. .

. )Risk Neutral( .

. X

.

.

) Risk Seekers(

. X

). Increasing Marginal Utility(

.

.

)Expected Utility Criterion(

.

.

:

. ( )

=

=k

jijji UPaUE

1)(

ijUij

:2 0.3 1

. 0.7 .

: :

.

1s2s

2a

( )( ) 79)85(7.0)69(3.0)2(

70)100(7.0)0(3.0)1(

=+=

=+=

aUE

aUE

:

.

260)200(7.0400(3.0)2(

440)800(7.0)400(3.0)1(

=+=

=+=

aEMV

aEMV

2a

utility.pdfutility2.pdf