In this paper, I provide a new axiomatization for rank-dependent utilities. I show that, along with weak order, dominance, and the binary rank-dependent representation, the decomposition of certainty equivalents is sufficient to derive the general rank-dependent model of Luce and Fishburn (1991,...

Which issues are discussed by candidates in an election campaign? Why are some issues never discussed? Model tractability is lost quickly when dealing with these questions, partly because of the multidimensional voting inherent in models of multiple issues. Our model features two candidates for...

This paper develops a utility model for evaluating lotteries. In estimating utility, risk averse people use an asymmetric loss function. Expected utility is seen as a special case that is a good approximation in some cases. The model resolves several paradoxes and makes easily falsifiable...

This paper develops a utility model for evaluating lotteries. In estimating utility, risk averse people use an asymmetric loss function. Expected utility is seen as a special case that is a good approximation of the general case in some cases. The model resolves several paradoxes and makes...

In this paper we obtain empirical evidence of the relationship between individuals' risk attitudes and individuals' beliefs on their rival's choices in the Prisoners' Dilemma game. We find that (i) Risk-averse subjects seem to think that their opponent will defect, (ii) Risk-loving individuals...

A primary tool that consumers have for comparative shopping is the shopbot, which is short for shopping robot. These shopbots automatically search a large number of vendors for price and availability. Typically a shopbot searches a predefined set of vendors and reports all results, which can...

As part of the 50th anniversary of Management Science, the journal is publishing articles that reflect on the past, present, and future of the various subfields the journal represents. In this article, we consider decision analysis research as it has appeared in Management Science. After...