Assessment of Attribute Importances and Consumer Utility Functions: Von Neumann-Morgenstern Theory Applied to Consumer Behavior

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Abstract
Von Neumann-Morgenstern utility theory is a promising method to measure and model consumer preference. Its theoretical foundations provide explicit risk measures and testable behavioral conditions for alternative preference models. This paper summarizes selected results from the theory, addresses measurement and validity issues, and discusses the applicability of the theory to consumer research.

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