Blavatskyy, Pavlo R. - 2014
-parameter generalization of expected utility theory. The proposed theory assumes that a decision maker: 1) behaves as if maximizing expected … expected utility of the lottery; and 3) may have a preference for gambling (attraction/aversion to positively/negatively skewed … utility; but 2) may experience disappointment (elation) when the utility of a lottery's outcome falls short of (exceeds) the …