This paper concerns the prescriptive function of decision analysis. I suppose that an agent must choose an action … can be represented as maximization of expected utility. However, our agent is not concerned the consistency of his …. Hence, I reason that prescriptions for decision making should respect actuality. That is, they should promote welfare …

predictive distribution incorporates the parameter uncertainty, so that it is relevant for decision making under uncertainty in … the expected utility framework of microeconomics. The second application is to quantile regression. Our point here is to …

This paper formulates and estimates a rigorously-justified linear probability model of binary choices over alternatives …

The appeal of expected utility theory as a basis for a descriptive model of risky decision making has diminished is a … parametric model of risky decision making. Our results suggest that models which provide for probability transformations are most …-range probability than is proposed by the expected utility model and risk-seeking behavior over quot;long-shotquot; odds is common …

, households make a small stakes decision, the deductible, and a large stakes one, the coverage limit. Over 94 percent of household … expected utility models. Households' deductible choices imply a median relative risk aversion of 108. Households' coverage … for probability distortions improves our models and explains the small and large decisions of most households in our data …

utility.' In the inward-looking' economy, individuals care about how their consumption in the current period compares to their … case will lead to lower utility than in the inward-looking case …

and probability of imprisonment sanctions?" …