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-dimensional decision outcomes, economic theory assumes a uni-dimensional utility measure. This paper reviews evidence from behavioral and …Although decision makers are often reported to have difficulties in making comparisons between multi … brain sciences to assess whether, and for what reasons, this assumption may be warranted. It is claimed that the decision …
Persistent link: https://www.econbiz.de/10010286755
probability. With some notable exceptions, the empirical literature seems intent on either making those strong assumptions or … structural maximum likelihood methods. This allows the observer to make inferences about the latent subjective probability … consistently with expected utility theory or rank-dependent utility theory. Inferred subjective probabilities are significantly …
Persistent link: https://www.econbiz.de/10012142359
The current Special Issue brought out the newest trends in Econophysics that have made use of the most recent available tools, such as Big Data. The emphasis of the reprint is on deciphering the effects of current world events, such as the repercussions of the recent war conflicts, the oil and...
Persistent link: https://www.econbiz.de/10015324883
We provide characterizations of preferences representable by a Cobb-Douglas utility function. …
Persistent link: https://www.econbiz.de/10010281260
In most economics textbooks there is a gap between the non-existence of utility functions and the existence of … continuous utility functions, although upper semi-continuity is sufficient for many purposes. Starting from a simple constructive … the existence of upper semi-continuous utility functions on a wide class of domains. Although links between utility theory …
Persistent link: https://www.econbiz.de/10010281322
Models of labor supply derived from stochastic utility representations and discretized sets of feasible hours of work …
Persistent link: https://www.econbiz.de/10010280822
In economic theory, utility depends on past, present and future outcomes. The experiment described in this paper … suggests that utility also depends on people's attitudes, and that it can easily be manipulated through these attitudes. The … results imply, first, that purely outcome-based models of individual utility may be incomplete. Second, that reference …
Persistent link: https://www.econbiz.de/10010263885
The concept of utility is often used in ambiguous ways in economics, from having substantive psychological connotations … conceive of utility. It turns out that empirical evidence does not favor a view of multidimensional utility. This does not … eliminate the possibility to make a normative argument supporting a multidimensional notion of utility. …
Persistent link: https://www.econbiz.de/10010267093
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