A conditional expected utility model for myopic decision makers

Theory and Decision 12 (2):185-206 (1980)
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Abstract

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.

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Leigh Tesfatsion
Iowa State University

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