Expected Utility

Expected Utility is a concept in decision theory that measures the value of an outcome by combining the probability of that outcome occurring with the utility or value that the decision maker assigns to that outcome. In other words, it is a way to quantify the subjective preferences of an individual when making decisions under uncertainty. Expected Utility theory assumes that individuals are rational and will choose the option that maximizes their expected utility. This theory is widely used in economics, finance, and artificial intelligence to model decision-making processes. It is also used in machine learning algorithms to optimize decision-making based on uncertain or incomplete information.
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