Expected utility theory (EUT) is currently the standard framework which formally defines rational decision-making under risky conditions. EUT uses a theoretical device called von Neumann-Morgenstern utility function, where concepts of function and random variable are employed in their...

"Making Better Decisions introduces readers to some of the principal aspects of decision theory, and examines how these might lead us to make better decisions.[bullet] Introduces readers to key aspects of decision theory and examines how they might help us make better decisions[bullet]...