Results 251 to 260 of about 662,376 (305)

The Expected Utility Hypothesis and Demand‐Supply Restrictions

American Journal of Agricultural Economics, 1978
AbstractThe implications of expected utility theory are examined in order to determine restrictions relevant to reduced form econometric models. In general, Hicksian certainty restrictions do not hold under risk aversion. However, under output price uncertainty, the qualitative nature of the Hicksian restrictions are generally preserved for a commonly ...
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Expected Utility Hypothesis

1987
The expected utility hypothesis of behaviour towards risk is essentially the hypothesis that the individual decision–maker possesses (or acts as if possessing) a ‘von Neumann-Morgenstern utility function’ U(·) or ‘von Neumann-Morgenstern utility index’ {Ui} defined over some set of outcomes, and when faced with alternative risky prospects or ‘lotteries’
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Expected Utility Hypothesis – its origin and development

2016
The following thesis introduces the origin of Expected Utility Hypothesis with its historical background and describes its early development. In the first chapter, the history and solutions to St. Petersburg Paradox are presented, as it is closely related to the von Neumann-Morgenstern Expected Utility Theory which is the core notion of the thesis.
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Is Expected Utility an Ex-Hypothesis? Some Implications of Reference-Dependent Expected Utility Model

SSRN Electronic Journal, 2017
Rabin and Thaler (2001) declared Expected Utility an ex-hypothesis or a dead parrot alluding to the famous sketch from Monthy Pythons Flying Circus. Following Cox and Sadiraj (2006) and others, one should distinguish between Expected Utility (EU) theory (a purely mathematical theory based on axioms) and Expected Utility models (EU theory plus a given ...
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Testing the expected utility maximization hypothesis with limited experimental data

Japan and the World Economy, 2004
Abstract In this article we use some old ideas of Franklin to derive the partial differential equation (St Robert Equation) characterizing the level curves of expected utility maximizing preferences over simple gambles. We also provide conditions under which an incomplete family of level curves permits an investigator to determine whether or not the ...
James B. Cooper, Thomas Russell, Paul A. Samuelson   +2 more
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The subjective expected utility hypothesis and revealed preference

Economic Theory, 1991
zbMATH Open Web Interface contents unavailable due to conflicting licenses.
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Invariance of the efficient sets when the expected utility hypothesis is relaxed

Journal of Economic Behavior & Organization, 1990
Abstract We consider risk averse decision makers who choose from a given set X of random variables and whose preference ordering need not be transitive or representable by a real utility index. We show that when all nonlinear preference functionals possess the first and the second degree stochastic dominance, the efficient set in X remains unchanged.
Itzhak Zilcha, Soo Hong Chew
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Weak Experimental Verification of the Expected Utility Hypothesis

The Review of Economic Studies, 1971
The five experiments described in this paper are the modest final product of an initially ambitious attempt to verify a theory of choice under uncertainty. Yaari [5] in 1965 reported the results of some experiments he had performed in which he attempted to show that the acceptance of unfair gambles is better explained by the assumption that gamblers ...
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A Non Parametric Test of the Expected Utility Hypothesis

1990
A nonparametric test of the expected utility hypothesis is developed. It is shown that the expected utility hypothesis holds if there exists a feasible solution to a system of linear inequalities. Furthermore, when a feasible solution exists boundaries on the coefficient of absolute risk aversion can be calculated explicitly.
Bar-Shira, Ziv, Bar-Shira, Ziv
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Revealed preference, stochastic dominance, and the expected utility hypothesis

Journal of Economic Theory, 1992
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