The article discusses a theory called expected utility theory (EUT) introduced by von Neumann and Morgenstern in 1944. This theory helps us make decisions when faced with risks. Before 1944, utility was used to compare risk-free options, but after that, it was used for risky choices. The nature of the utility function in EUT was unclear, and its connection to previous utility analysis was not clear. The researchers also developed a measurement theory similar to Stevens's theory, but it didn't have an immediate impact on utility analysis.