This Element offers an accessible but technically detailed review of expected utility theory (EU). it focuses on the methodological issues that have accompanied its evolution, such as whether the utility function and the other components of EU correspond to actual mental entities.
Since the marginal revolution of the 1870s, the economic theory of decision- making has been based on the notion of utility. Utility, however, is not measurable. This book reconstructs economists' struggles with issues related to utility measurement from the 1870s to the beginning of behavioral economics in the mid-1980s.