期刊名称：Informing Science: The International Journal of an Emerging Transdiscipline
印刷版ISSN：1547-9684
电子版ISSN：1521-4672
出版年度：2009
卷号：12
页码：217-217
出版社：Informing Science Institute
摘要：Gill advocated using goal-based utility functions versus the standard commodity-based neoclassical
utility function. He argued that a goal-based utility function would resolve many observed
inconsistencies between what economics predicts and the behavior observed in psychological experiments.
To support Gill’s argument, this paper focuses on the standard extension of neoclassical
utility to gambles. Given this extension, it is straightforward to rewrite the neoclassical utility
function as a goal-based utility function.
This goal-based utility function will correspond to quantities like the Sharpe ratio and effect size
already widely used in finance and medicine. As we show, minor adjustments of this formula are
mathematically identical to proposed psychological plausible models of human behavior. Finally
we show how this formulation can be extended to the case of a goal with multiple sub-goals.
