Key points are not available for this paper at this time.
A model of the utility of gambling is presented in a modified von Neumann-Morgenstern format. Axioms imply a utility function that preserves preferences between sure things and between gambles. The addition of a utility of gambling term to the expected utility of a gamble preserves preference comparisons between gambles and sure things. Aspects of the utility of gambling are noted, and comparisons are made to standard concepts of risk attitudes.
Peter C. Fishburn (Mon,) studied this question.