This new monograph presents Dr. Luce's current understanding of the behavioral properties people exhibit (or should exhibit) when they make selections among alternatives and how these properties lead to numerical representations of those preferences. It summarizes, and places in historical perspective, the research Dr. Luce has done on utility theory for over 10 years. Included are axiomatic theoretical formulations, experiments designed to test individual assumptions, and analyses of the fit to bodies of data of numerical representations derived from the theory.

Luce's direct and outspoken way of criticizing other works, without wasting time and paper on ineffectient diplomacy, is refreshing and stimulating. He often gives balanced descriptions of arguments counter to his own viewpoints....This book for the first time permits a study, from scratch, of Luce's fascinating paradigm for decision under uncertainty....This book has delivered mathematical psychology at its best. It will be a continuing source of inspiration for the next generation of reseachers in this area.

—Journal of Mathematical Psychology