Term
Utility
In economics, utility is a measure of how much an outcome is worth to a person. Extra money usually means less to someone who already has a lot of it than to someone who has little.
Fortune's Formula: The Untold Story of the Scientific Betting System That Beat the Casinos and Wall Street, William Poundstone
Explained in
- Fortune's Formula: The Untold Story of the Scientific Betting System That Beat the Casinos and Wall Street, William Poundstone
- Game Theory: A Very Short Introduction, Ken Binmore
A conventional measure of how much a player likes an outcome. In game theory the payoff is counted in it, not necessarily in money.
- Against the Gods: The Remarkable Story of Risk, Peter L. Bernstein
In economics, the value a good has for a particular person, as opposed to its price. Daniel Bernoulli brought the idea into thinking about risk.