Diaye, Marc-Arthur - 2014
In the Allais' paradox, if an agent's preferences violate independence axiom, the (non-Expected Utility) decision maker … appears to be prone to dynamic inconsistency, that is in some sequential decision problem he may be expected to embark upon … (action) plans which he is not going to follow through. Moreover, Wakker (1988) proves that non-EU decision maker can be made …