| 单词 | expected utility |
| 释义 | expected utility The mean level of utility expected from future consumption or asset holdings, when only the distribution of possible values of these is known. If x is consumption, f(x) its frequency distribution, and U(x) the utility level given x, then expected utility is E[U(x)]. If utility is a linear function of x, then E[U(x)] = U[E(x)], that is, expected utility is the utility of the expected value of consumption. If utility is a concave function of consumption, that is, d2 U/dx2 < 0, when the value of x is uncertain expected utility is less than the utility of expected consumption; E[U(x)] < U[E(x)], the difference requiring a risk premium. |
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