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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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Journal of Soviet Mathematics, 1980
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SSRN Electronic Journal, 2021
We introduce range utility theory for decisions under risk. Two functions are implicated in the representation of preferences: a traditional utility function for wealth---or changes in wealth---and a range distortion function. The latter introduces a local deformation of the utility function on the range under consideration, possibly magnifying the ...
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We introduce range utility theory for decisions under risk. Two functions are implicated in the representation of preferences: a traditional utility function for wealth---or changes in wealth---and a range distortion function. The latter introduces a local deformation of the utility function on the range under consideration, possibly magnifying the ...
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Multiattribute Nonlinear Utility Theory
Management Science, 1984Independence axioms similar to those proposed for multiattribute von Neumann–Morgenstern linear utility theory are examined in the context of new nonlinear utility theories developed by Chew and MacCrimmon, and Fishburn. These new theories weaken the independence axiom of von Neumann and Morgenstern, and Fishburn's theory does not require preferences ...
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Social Choice and Welfare, 1985
A ''triangulation'' strategy is sketched for constructing an empirical testable theory of interpersonal comparisons of utility units. Bargaining theory and the theory of the utility curves of money are tentatively suggested as triangulation points.
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A ''triangulation'' strategy is sketched for constructing an empirical testable theory of interpersonal comparisons of utility units. Bargaining theory and the theory of the utility curves of money are tentatively suggested as triangulation points.
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