From Uniform Expected Utility to Uniform Rank-Dependent Utility: An experimental study
نویسندگان
چکیده
منابع مشابه
Calibration results for rank−dependent expected utility
If its utility function is everywhere increasing and concave, rank−dependent expected utility shares a troubling property with expected utility −− aversion to the same moderate−stakes risk at every wealth level implies an extreme aversion to large−stakes risks. In fact, the problem may be even worse for rank−dependent expected utility, since the moderate−stakes risk need not be actuarially fair...
متن کاملRank-Dependent, Subjective Expected-Utility Representations
Gambles are recursively generated from pure payoffs, events, and other gambles, and a preference order over them is assumed. Weighted average utility representations are studied that are strictly increasing in each payoff and for which the weights depend both on the events underlying the gamble and the preference ranking over the several component payoffs. Basically two results are derived: a c...
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ژورنال
عنوان ژورنال: Journal of Mathematical Psychology
سال: 2015
ISSN: 0022-2496
DOI: 10.1016/j.jmp.2015.01.004