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1997
In Chapter 1, we observed that, in numerous experiments, the expected utility theory failed to explain the choice of individuals involved in decision-making under uncertainty. This led to a search for alternative theories of choice under uncertainty. In this chapter, we shall discuss some alternatives called non-expected utility theories, which have ...
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In Chapter 1, we observed that, in numerous experiments, the expected utility theory failed to explain the choice of individuals involved in decision-making under uncertainty. This led to a search for alternative theories of choice under uncertainty. In this chapter, we shall discuss some alternatives called non-expected utility theories, which have ...
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1997
In the eyes of many people, gambling is not regarded as a desirable activity. Some religious institutions actually condemn it as a sin. In spite of this, at least two important branches of academic pursuit, namely probability theory and decision theory, owe their origins to a careful analysis of the activities and outcomes of gambling.
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In the eyes of many people, gambling is not regarded as a desirable activity. Some religious institutions actually condemn it as a sin. In spite of this, at least two important branches of academic pursuit, namely probability theory and decision theory, owe their origins to a careful analysis of the activities and outcomes of gambling.
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Expected utility with uncertain probabilities theory
Journal of Mathematical Economics, 2012zbMATH Open Web Interface contents unavailable due to conflicting licenses.
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Alternative Expected Utility Theory
SSRN Electronic Journal, 2008We present a general endogenous expected utility theory, that overcomes the major limitations of both the expected utility theory and the non-expected utility theory.
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Multiattribute Utility Theory without Expected Utility Foundations
Medical Decision Making, 1995Methods for determining the form of utilities are needed for the implementation of utility theory in specific decisions. An important step forward was achieved when utility theorists characterized useful parametric families of utilities, and simplifying decompositions of multiattribute utilities.
Stiggelbout, A.M., Wakker, P.P.
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CHAPTER 1 Expected Utility Theory
2009Abstract This chapter reviews classic normative expected utility theory. The goal is to frame the subsequent chapters (which consider more modern extensions to and deviations from this classic theory) in a way that is accessible to the nonspecialist but also useful to the specialist.
Simon Grant, Timothy Van Zandt
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The Handbook of Economic Methodology is a major multidisciplinary reference work on the developing field of economic methodology.
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