This article compares classical expected utility (EU) with the more general rank-dependent utility (RDU) models. The difference between the independence condition for preferences of EU and its comonotonic generalization in RDU provides the exact demarcation between EU and rank-dependent models....

This paper addresses an important topic in the preference elicitation field, namely the method of inferring population preference from hypothetical choice data collected from a random sample of that population. While criticized by a subset of economists who object to the hypothetical nature of...