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MAXMIN EXPECTED UTILITY AND WEIGHT OF EVIDENCE

Oxford Economic Papers, 1994
In 1989, I. Gilboa and D. Schmeidler proposed an extension of subjective expected utility theory called maxmin expected utility. The author presents a new exposition of this theory and suggests an extension of maxmin expected utility that which does not allow strictly dominated alternatives to be chosen.
David Kelsey
semanticscholar +3 more sources

Econometric applications of maxmin expected utility

Journal of Applied Econometrics, 2000
AbstractGilboa and Schmeidler (1989) develop a set of axioms for decision making under uncertainty. The axioms imply a utility function and a set of distributions such that the preference ordering is obtained by calculating expected utility with respect to each distribution in the set, and then taking the minimum of expected utility over the set.
Gary Chamberlain
semanticscholar +3 more sources

Maxmin Expected Utility over Savage Acts with a Set of Priors [PDF]

Journal of Economic Theory, 2000
The authors provide an axiomatic foundation for maximin expected utility over a set of prior decision rules defined on a set of Savage acts. All introduced axioms are discussed. The results are an original extension of the well-known theory.
Ramon Casadesus‐Masanell, Peter Klibanoff, Emre Ozdenoren +2 more
semanticscholar +4 more sources

A Combination of Expected Utility and Maxmin Decision Criteria

Journal of Mathematical Psychology, 1988
zbMATH Open Web Interface contents unavailable due to conflicting licenses.
Itzhak Gilboa
semanticscholar +5 more sources

An Econometric Model Based on the Maxmin Expected Utility Model: An Application to Earthquake Insurance

, 2011
This study empirically investigates the influence of ambiguity on consumers’ decision to buy a hypothetical earthquake insurance policy. Using survey data, it identifies effects of specific consumer characteristics on their decision based on the Maxmin Expected Utility (MEU) model.
Toshio Fujimi, Hirokazu Tatano
semanticscholar +3 more sources

Corrigendum to “Evaluating ambiguous random variables from Choquet to maxmin expected utility” [J. Econ. Theory 192 (2021) 105129]