and the potential increments over it are evaluated by subjective expected utility with a risky utility function u. In … contrast to earlier approaches with models that aimed at separating riskless and risky utility, CT does not violate basic … irregularities like the expected utility paradoxes of Allais and Rabin, CT also separates risk attitude in the strong sense from …

The quasi-linear quadratic utility model is widely used in economics. The knowledge of its exact origin is less …

This paper introduces the concept of range-dependent utility. Instead of reference dependence which evaluates outcomes … decision maker is a fully rational expected utility maximizer only within a certain range. Range-dependent utility enables …-dependent utilities can be normalized to obtain decision utility -- a single utility function able to describe decisions involving …