A Theory of Vague Expected Utility

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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Year of publication:	2004
Authors:	Manzini, Paola ; Mariotti, Marco
Published in:	The B.E. Journal of Theoretical Economics. - De Gruyter, ISSN 1935-1704, ZDB-ID 2268339-2. - Vol. 4.2004, 1
Publisher:	De Gruyter
Subject:	incomplete preference relation \| cyclical preferences \| expected utility

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Type of publication:	Article
Type of publication (narrower categories):	research-article
Language:	English
Other identifiers:	10.2202/1534-598X.1168 [DOI]
Source:	Other ZBW resources

Persistent link: https://www.econbiz.de/10014589069