This paper examines experimentally the nature of people's risk-attitudes across different payoff domains and response modes. Only simple gambles are examined, entailing just two monetary outcomes. The main issue of interest is to what extent risk-preferences in one domain or response mode...

Utility functions are an important component of normative decision analysis, in that they characterize the nature of people's risk-taking attitudes. In this paper we examine various factors that make it difficult to speak of the utility function for a given person. Similarly we show that it is...

Several studies this past decade have examined differences between holistic and decomposed approaches to determining weights in additive utility models. Some have argued that it matters little which procedure is used, whereas others strongly favored particular methods. In this paper we address...

This paper discusses important friction forces that future theories of strategy must incorporate. Some of these are technological and environmental; but the most important ones---it is argued---are psychological. The view is developed that strategy, at its core, concerns the development and...

Certainty equivalence (CE) and probability equivalence (PE) methods are the two most frequently used procedures for constructing von Neumann-Morgenstern utility functions. In this paper, we compare these methods experimentally, using a two-stage within-subject design. By asking subjects first...