Sunday, December 5, 2010
Expected Utility Theory
Expected Utility theory is the motivation to select a particular goal is based on the goal's utility and estimated probability of being achieved. When I read this I thought about how it could relate to real life and it actually is very relevant. Whether we like to admit it or not when we think about our goals we take into consideration a number of things including our drive to exceed the goal and how much effort is needed to put into it for us to succeed.