For the past 30 years almost all economic analysis of decision making in situations of risk and uncertainty has been based on expected utility theory.
In some sense, this foreshadowed the development of utility theory in the 18th-19th century.
The subjective expected utility theory has been applied to contexts beyond fear appeals.
Fisher made important contributions to utility theory and general equilibrium.
Recently, expected utility theory has been extended to arrive at more behavioral decision models.
Expected utility theory is criticized by behavioral decision science.
Preference relations can also be applied to a space of simple lotteries, as in expected utility theory.
As mentioned above, weak orders have applications in utility theory.
The value of non-working time is linked strongly to utility theory.
One interpretation is that expected utility theory does not properly describe actual human choices.
