This group gathers theorems about how a rational agent ranks and chooses among uncertain options, the foundations shared by decision theory, game theory, and economics. It covers the von Neumann-Morgenstern utility theorem, which shows that rational choice under uncertainty amounts to maximizing expected utility, the mixture-space theorem, the general utility representation theorem for preference orderings, and Blackwell's informativeness theorem on ranking experiments by how much information they give a decision maker.
All Decision Theory and Utility
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Aumann's Agreement Theorem (Wikipedia)
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Aumann's agreement theorem states that two Bayesian agents with the same prior beliefs cannot "agree to disagree" about the probability of an event if their individual beliefs are common knowledge.
View the Source Marginal value theorem - Wikipedia
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The marginal value theorem (MVT) is an optimality model that usually describes the behavior of an optimally foraging individual in a system where resources (often food) are located in discrete patches separated by areas with no resources.
View the Source Von Neumann-Morgenstern utility theorem (Wikipedia)
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In decision theory, the von Neumann-Morgenstern (VNM) utility theorem demonstrates that rational choice under uncertainty involves making decisions that take the form of maximizing the expected value of some cardinal utility function.
View the Source Mixture-space theorem - Wikipedia
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In microeconomic theory and decision theory, the Mixture-space theorem is a utility-representation theorem for preferences defined over general mixture spaces.
View the Source Utility representation theorem - Wikipedia
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In economics, a utility representation theorem shows that, under certain conditions, a preference ordering can be represented by a real-valued utility function, such that option A is preferred to option B if and only if the utility of A is larger than that of B.
View the Source Blackwell's informativeness theorem - Wikipedia
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In the mathematical subjects of information theory and decision theory, Blackwell's informativeness theorem is an important result related to the ranking of information structures, or experiments.
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