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Archive 1

Utility functions

Shouldn't the utility functions be concave and strictly-increasing? Diminishing returns as rates increase?--160.39.62.168 (talk) 02:07, 1 March 2011 (UTC)

You are right. I have also checked Kelly's paper http://www.statslab.cam.ac.uk/~frank/rate.pdf which says:

Assume that the utility †is an increasing, strictly concave and continuously differentiable function of

I changed convex to concave on the page. --Per Olofsson (talk) 13:37, 6 November 2013 (UTC)