dominance and classes of utility functions in this general case, and expresses the conditions on bounds in terms of differences …

this theorem to explain the well-known problems of utility and decision theories, such as risk aversion, the underweighting …

probability and has maxmin utility preferences; we show that it is optimal not to annuitize but to purchase pure life insurance …

probability and has maxmin utility preferences; we show that it is optimal not to annuitize but to purchase pure life insurance …

probability and has maxmin utility preferences; we show that it is optimal not to annuitize but to purchase pure life insurance …

under uncertainty is expected to help people take the best decision. However, the widely used expected utility theory values … decision criteria are a combination of expected utility with extreme responses, and seem more consistent with observations. …'s unwillingness to accept a low probability of death, contrary to expected utility predictions. This work uses new axioms of choice …

Since von Neuman and Morgenstern's (1944) contribution to game theory, a rational decision maker will rank risky … prospects according to the celebrated Expected utility criterion. This method takes lotteries i.e. (simple) probability … distributions to represent risky prospects. If the decision maker follows the vN-M axioms (e.g.Kreps (1988)) then there exists a …

In this paper we want to explore an argumentative pattern that provides a normative justification for expected utility … claims that we should prudentially maximize our expected utility since this is the criterion effectively applied by those who … particular class of agents. We show how expected utility functions were introduced and contested in accordance to this pattern in …