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In economics, game theory, and decision theory the expected utility theorem or expected utility hypothesis is a theory of utility in which "betting preferences" of people with regard to uncertain outcomes is represented by a function of the payout, the probability of occurrence, risk aversion, and the different utility of the same payout to people with different assets or personal preferences. This theory has proved useful to explain some popular choices that seem to contradict the expected value criterion, such as gambling and insurance.