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Experiments on Decisions under Risk: The Expected Utility Hypothesis
, 1980 Paul J. H. Schoemaker
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Efficient sets with and without the expected utility hypothesis
Journal of Mathematical Economics, 1992 John Quiggin
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Bargaining Solutions without the Expected Utility Hypothesis
Games and Economic Behavior, 1993It is well-known in game theory that reasonable axioms that describe human preferences lead to the notion of utility (or expected utility) \(u(A)\) such that \(A\) is preferable to \(B\) iff \(u(A)>u(B)\) and the utility of a lottery \(L\) in which a person gets \(A_ 1\) with probability \(p_ 1,\dots,A_ n\) with probability \(p_ n\) is equal to the ...
Safra, Zvi, Zilcha, Itzhak
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Weak Experimental Verification of the Expected Utility Hypothesis
The Review of Economic Studies, 1971The 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 ...
R. N. Rosett
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Marshall, Jevons, and the Development of the Expected Utility Hypothesis
History of Political Economy, 1992 Edward E. Schlee
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Invariance of the efficient sets when the expected utility hypothesis is relaxed
Journal of Economic Behavior & Organization, 1990Abstract 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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1991
Regret and disappointment theory (R and D-theory) are discussed as alternatives to the expected utility hypothesis (EUH). The discussion is relative to a choice between two actions, where the consequences from each action are influenced from respectively two different sets of states of the world.
O. Fugleberg
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Regret and disappointment theory (R and D-theory) are discussed as alternatives to the expected utility hypothesis (EUH). The discussion is relative to a choice between two actions, where the consequences from each action are influenced from respectively two different sets of states of the world.
O. Fugleberg
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Economics Letters, 1980 Abstract It is shown that with only two observations on the asset demand functions of an investor, it is not possible to refute the hypothesis of expected utility maximization on the part of the investor as long as the axioms of revealed preference are satisfied.
Lawrence J. Lau
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