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This paper extends Savage's subjective approach to probability and utility from decision problems under exogenous …
Persistent link: https://www.econbiz.de/10013155264
This paper extends Savage's subjective approach to probability and utility from decision problems under exogenous …
Persistent link: https://www.econbiz.de/10011700273
We present a decision theory which models and axiomatizes a decision-making procedure. This procedure involves two steps: in the first step, for each action, some specific event which can bring about a relatively high outcome with a relatively high probability or a relatively low outcome with a...
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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