In the world of economics, finance, and decision theory, utility plays a pivotal role in shaping our understanding of human behavior. The concept of utility, which is a measure of the satisfaction or benefit derived by consuming a good or service, lies at the heart of the Von Neumann-Morgenstern (VNM) utility theorem. This theory has far-reaching implications for finance and investing and provides a mathematical basis for decision-making under uncertainty.
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The Von Neumann-Morgenstern Utility Theorem: Insights and Implications for Finance and Investing
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