Expected Value and Expected Utility: The Four Axioms of von Neumann and Morgenstern (1944), and Why the Long-Term Equity Investor Prices Risk in Utility, Not Money

Cover: navy and cream editorial graphic with a concave utility curve, chord, certainty equivalent and risk premium — Expected Value and Expected Utility, Essay No. 28

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Manish Goel, FCA

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Expected Value and Expected Utility: The Four Axioms of von Neumann and Morgenstern (1944), and Why the Long-Term Equity Investor Prices Risk in Utility, Not Money

More posts

The Box That Was Only a Box: Karl Duncker’s 1945 Candle Problem, the Premium AT&T Paid for an Accounting Label in 1991, and Why the Long-Term Equity Investor Must Ask What Made the Number

Audited, Not Published: How to Read the Cost Audit Trail in an Indian Annual Report

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Two Thousand Birds or Two Hundred Thousand: Desvousges’s 1993 Oil-Pond Survey, Hartzmark and Sussman’s 2019 Globes, and Why the Long-Term Equity Investor Must Price the Quantity, Not the Symbol