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Human utility embodies a number of seemingly irrational aspects. The leading example in this paper is that utilities … of our utility functions. …
Persistent link: https://www.econbiz.de/10011704445
In this paper, we study methods of inferring a decision maker's true preference relation when observed choice data reveal a nontransitive preference relation due to choice mistakes. We propose some sensible properties of such methods and show that these properties characterize a unique rule of...
Persistent link: https://www.econbiz.de/10011856700
and ambiguity aversion. This is modeled as a random set of beliefs in the maxmin expected utility model of Gilboa and … for the study of models of random non-linear utility. …
Persistent link: https://www.econbiz.de/10012587418
utility representations of the criteria. Some economic examples are provided. …
Persistent link: https://www.econbiz.de/10012158775
elicits only ordinal preferences. The strictness assumption can be dropped if we further allow the possibility of non-expected-utility …
Persistent link: https://www.econbiz.de/10011937347
One of the most well-known models of non-expected utility is Gul (1991)'s model of Disappointment Aversion. This model …, however, is defined implicitly, as the solution to a functional equation; its explicit utility representation is unknown …
Persistent link: https://www.econbiz.de/10012415476
unanimity rule and maxmin expected utility, respectively, with a common set of priors and the same utility over consequences. We … utility preferences. …
Persistent link: https://www.econbiz.de/10012020227
Among the reasons behind the choice behavior of an individual taking a stochastic form are her potential indifference or indecisiveness between certain alternatives, and/or her willingness to experiment in the sense of occasionally deviating from choosing a best alternative in order to give a...
Persistent link: https://www.econbiz.de/10013273770
, as in the rank dependent utility model, but using the worst from a set of distortions. We show that a preference for … hedging is not suf?cient to guarantee Ellsberg-like behavior if the agent violates expected utility for objective lotteries …
Persistent link: https://www.econbiz.de/10011704845
Is it possible to guarantee that the mere exposure of a subject to a belief elicitation task will not affect the very same beliefs that we are trying to elicit? In this paper, we introduce mechanisms that make it simultaneously strictly dominant for the subject (a) not to acquire any information...
Persistent link: https://www.econbiz.de/10012308719