objectively (resp. subjectively) expected value of a von Neumann–Morgenstern utility function. For choice under risk, this implies …For choice with deterministic consequences, the standard rationality hypothesis is ordinality — i.e., maximization of a … weak preference ordering. For choice under risk (resp. uncertainty), preferences are assumed to be represented by the …

According to G. Becker, the expected utility model (EUM) is the most powerful social sciences can use. The main reason …, legitimate, etc. on the basis of non instrumental reasons. Rationality should not therefore be conceived as being exclusively … rationality which keeps up the self-sufficiency of EUM, whereas it eliminates the sources of its limitation. Several examples …

This paper argues that any specific utility or disutility for gambling must be excluded from expected utility because … such a theory is consequential while a pleasure or displeasure for gambling is a matter of process, not of consequences. A … (dis)utility for gambling is modeled as a process utility which monotonically combines with expected utility restricted to …

This paper presents a critical reflection on dynamic consistency as commonly used in economics and decision theory, and … decision problem is immune to any reevaluation and will effectively be implemented from then on in the decision problem …. Although these two properties are equivalent under expected utility (EU), this is not the case under non-EU. Building on the …

contain only expected utility preferences. Dynamic stability also turns out to be a defining characteristic of the multiplier …

We report experimental findings about subjects’ behavior in dynamic decision problems involving multistage lotteries …

choices can be excluded on the basis of a decision maker's v. Neumann-Morgenstern utility function, her knowledge of past … observations, and the assumption of Bayesian rationality. Since no betting strategy is irrational, Bayesianism is useless as a … normative theory as well. …

conceptual structure of Rational Choice Theory, RCT. The main goal is to present precisely and concretely the basic precepts of … critiques.Thus, it presents a brief discussion about how the acknowledgement of the theory’s limitations has guided some aspects …