A Theory of Vague Expected Utility
نویسندگان
چکیده
We propose a new theory of choice between lotteries, which combines an ‘economic’ view of decision making based on a rational, though incomplete, ordering with a ’psychological’ view based on heuristics. This theory can explain observed violations of EU theory, namely all cyclical patterns of choice as well as violations of independence.
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تاریخ انتشار 2004