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Testing Hurwicz Expected Utility
Econometrica, 2023 Gul and Pesendorfer (2015) propose a promising theory of decision under uncertainty, they dub Hurwicz expected utility (HEU). HEU is a special case of α‐maxmin EU that allows for preferences over sources of uncertainty. It is consistent with most of the available empirical evidence on decision under risk and uncertainty.
Bleichrodt, Han +2 more
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Normalized Expected Utility-Entropy Measure of Risk
Entropy, 2014 Yang and Qiu proposed an expected utility-entropy (EU-E) measure of risk, which reflects an individual’s intuitive attitude toward risk. Luce et al.
Jiping Yang, Wanhua Qiu
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A Generalization of Quantal Response Equilibrium via Perturbed Utility
Games, 2021 We present a tractable generalization of quantal response equilibrium via non-expected utility preferences. In particular, we introduce concave perturbed utility games in which an individual has strategy-specific utility indices that depend on the ...
Roy Allen, John Rehbeck
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Expected Uncertain Utility Theory [PDF]
Econometrica, 2014 The new Expected Uncertain Utility (EUU) theory is introduced and analyzed. According to this theory each decision maker has a prior \(\mu\) on a \(\sigma\)-algebra \(\mathcal{E}\) and an interval utility \(u=u(x,y)\). Each act \(f\) can be ideal or non-ideal. Ideal act is \(\mathcal{E}\)-measurable.
Gul, Faruk, Pesendorfer, Wolfgang
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Subjective recursive expected utility [PDF]
Economic Theory, 2004 An axiomatic definition of the subjective recursive expected utility (SREU) is described and provided. It is an extension of results given in [\textit{D. M. Kreps, E. L. Porteus}, Econometrica 46, 185--200 (1978; Zbl 0382.90006)]. All proofs are given in the appendix. It is an important generalization of the particular definition of the SREU.
Ozdenoren, Emre, Klibanoff, Peter
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Subjective Expected Utility with State-Dependent but Action/Observation-Independent Preferences
Risks, 2018 Under state-dependent preferences, probabilities and units of scale of state-dependent utilities are not separately identified. In standard models, only their products matter to decisions.
Jacques H. Drèze
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Directed Expected Utility Networks [PDF]
Decision Analysis, 2017 A variety of statistical graphical models have been defined to represent the conditional independences underlying a random vector of interest. Similarly, many different graphs embedding various types of preferential independences, such as, for example, conditional utility independence and generalized additive independence, have more recently started to
Manuele Leonelli, Jim Q. Smith
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Expected utility without parsimony [PDF]
Mathematical Social Sciences, 2018 zbMATH Open Web Interface contents unavailable due to conflicting licenses.
Antoine Billot, Vassili Vergopoulos
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Target Markets for Grain and Cotton Marketing Consultants and Market Information Systems
Journal of Agricultural and Resource Economics, 2005 This paper examines the use of market consultants and market information systems by grain and cotton producers. A model of producer demand for marketing information and consultants is proposed that decomposes price received into exogenous and endogenous ...
Oscar Vergara +5 more
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How do defendants choose their trial court? Evidence for a heuristic processing account [PDF]
Judgment and Decision Making, 2013 In jurisdictions with two or more tiers of criminal courts, some defendants can choose the type of trial court to be tried in. This may involve a trade-off between the probability of acquittal/conviction and the estimated severity of sentence if ...
Mandeep K. Dhami, David R. Mandel
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