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Throughout his career, Peter Fishburn was interested in von Neumann-Morgenstern expected utility theory. Suppose an act or gamble or lottery can lead to one of E1, E2, …, En, mutually exclusive events, each occurring with a certain probability P(Ei), so that ∑P(Ei) = 1. If event Ei occurs, there is a consequence or payment ci. Von Neuman and Morgenstern (1947) provided axioms on a preference relation ≻ that allowed them to conclude that there is utility function f so that one gamble x is
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