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Additive Utility in Prospect Theory [PDF]
Management Science, 2009 Prospect theory is currently the main descriptive theory of decision under uncertainty. It generalizes expected utility by introducing nonlinear decision weighting and loss aversion. A difficulty in the study of multiattribute utility under prospect theory is to determine when an attribute yields a gain or a loss.
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Management Science, 1968
Utility theory is interested in people's preferences or values and with assumptions about a person's preferences that enable them to be represented in numerically useful ways. The first two sections of this paper say more about what utility is, why people are interested in it, and how it is interpreted and used in the management and behavioral ...
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Utility theory is interested in people's preferences or values and with assumptions about a person's preferences that enable them to be represented in numerically useful ways. The first two sections of this paper say more about what utility is, why people are interested in it, and how it is interpreted and used in the management and behavioral ...
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A theory of anticipated utility
Journal of Economic Behavior & Organization, 1982Abstract A new theory of cardinal utility, with an associated set of axioms, is presented. It is a generalization of the von Neumann-Morgenstern expected utility theory, which permits the analysis of phenomena associated with the distortion of subjective probability.
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2004 IEEE International Conference on Systems, Man and Cybernetics (IEEE Cat. No.04CH37583), 2005
We establish that utility theory cannot serve as a foundation for decision, or any other, theory. The interpretation of the von Neumann and Morgenstern axioms precludes the possibility of constructing utility scales based on this framework. We point out other problems with utility theory and present a paradox that demonstrates that the interpretation ...
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We establish that utility theory cannot serve as a foundation for decision, or any other, theory. The interpretation of the von Neumann and Morgenstern axioms precludes the possibility of constructing utility scales based on this framework. We point out other problems with utility theory and present a paradox that demonstrates that the interpretation ...
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utility theory and decision theory
1987The conjunction of utility theory and decision theory involves formulations of decision making in which the criteria for choice among competing alternatives are based on numerical representations of the decision agent’s preferences and values. Utility theory as such refers to those representations and to assumptions about preferences that correspond to
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2008
The expected utility/subjective probability model of risk preferences and beliefs has long been the preeminent model of individual choice under conditions of uncertainty. It exhibits a tremendous flexibility in representing aspects of attitudes toward risk, has a well-developed analytical structure, and has been applied to the analysis of gambling ...
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The expected utility/subjective probability model of risk preferences and beliefs has long been the preeminent model of individual choice under conditions of uncertainty. It exhibits a tremendous flexibility in representing aspects of attitudes toward risk, has a well-developed analytical structure, and has been applied to the analysis of gambling ...
openaire +1 more source