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This chapter undertakes a reconstruction of the impact of John von Neumann and Oskar Morgenstern’s Theory of Games and Economic Behavior and their renewed version of expected utility theory. It illustrates the integration of this version into the axiomatic approach that began to develop in economics in the 1940s. Additionally, the chapter provides a concise overview of Harry Markowitz’s attempt to justify portfolio choice on the basis of expected utility theory.

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Von Neumann, Morgenstern and Decision-Making Under Risk

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  • 发表日期：

    2025年

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  • Carlo Zappia

摘要

This chapter undertakes a reconstruction of the impact of John von Neumann and Oskar Morgenstern’s Theory of Games and Economic Behavior and their renewed version of expected utility theory. It illustrates the integration of this version into the axiomatic approach that began to develop in economics in the 1940s. Additionally, the chapter provides a concise overview of Harry Markowitz’s attempt to justify portfolio choice on the basis of expected utility theory.