. 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 …

We investigate the possibility that a decision-maker prefers to avoid making a decision and instead delegates it to an …, which contradicts most theories of choice such as expected utility but is consistent with a theory of responsibility …

by many theories of choice and implies that the decision-maker prefers receiving the best outcome for sure over all … treatments where decision-makers are asked to submit multiple decisions without knowing which one is relevant, many participants … decision. A large data set on (high-stake) university applications in Germany shows patterns that are consistent with a …