Klibanoff, Peter; Marinacci, Massimo; Mukerji, Sujoy - In: Econometrica 73 (2005) 6, pp. 1849-1892
We propose and characterize a model of preferences over acts such that the decision maker prefers act f to act g if and only if <openface>E</openface><sub>μ</sub>φ( <openface>E</openface><sub>π</sub>u○f) ⩾ <openface>E</openface><sub>μ</sub>φ( <openface>E</openface><sub>π</sub>u○g), where <openface>E</openface> is the expectation operator, u is a von Neumann-Morgenstern utility function, φis an increasing transformation, and μis a...