Theory. The second is the Relative Utility Function, which strongly resembles the utility function hypothesized by Markowitz … (1952). It is shown that the relative utility model follows Expected Utility Theory with a transformed outcome domain. An … quantile (including median) regression estimations are presented for the relative utility model. It turns out that the …

consumption have direct utility-consequences. This gives rise to informational preferences, i.e., preferences over the timing and …

consumption have direct utility-consequences. This gives rise to informational preferences, i.e., preferences over the timing and …

consumption have direct utility consequences. This gives rise to informational preferences, i.e., preferences over the timing and …

. Decision Utility Theory presents an alternative solution, which makes no use of this concept. The new theory distinguishes … decision and perception utility, postulates a double S-shaped decision utility curve similar to one hypothesized by Markowitz … (1952), and applies the expected decision utility value similarly to the theory by von Neumann and Morgenstern (1944 …

-parameter generalization of expected utility theory. The proposed theory assumes that a decision maker: 1) behaves as if maximizing expected …This paper presents a new decision theory for modelling choice under risk. The new theory is a two … utility; but 2) may experience disappointment (elation) when the utility of a lottery's outcome falls short of (exceeds) the …