violations of coalescing (i.e., configural weight theory) instead of violations of compound independence (i.e., rank …Common ratio effects should be ruled out if subjects' preferences satisfy compound independence, reduction of compound … lotteries, and coalescing. In other words, at least one of these axioms should be violated in order to generate a common ratio …

violations of coalescing (i.e., configural weight theory) instead of violations of compound independence (i.e., rank …Common ratio effects should be ruled out if subjects’ preferences satisfy compound independence, reduction of compound … lotteries, and coalescing. In other words, at least one of these axioms should be violated in order to generate a common ratio …

search enough, whereas in the cost condition they search too much. We propose a simple behavioral decision model that …

decision theories— stochastic expected utility theory (Blavatskyy, 2007) and perceived relative argument model (Loomes, 2008 …The results of a new experimental study reveal highly systematic violations of expected utility theory. The pattern of …

). Decision Utility Theory proposes straightforward risk measures, presents a simple explanation of risk attitudes by using the …. Decision Utility Theory presents an alternative solution, which makes no use of this concept. The new theory distinguishes … (1952), and applies the expected decision utility value similarly to the theory by von Neumann and Morgenstern (1944 …

violation of the Expected Utility Theory Axioms – may be easily explained by assuming that changes in wealth (i.e. gains and … absolute terms leads to the conclusion that the choices violate the axioms underlying Expected Utility Theory, and are …

models. We perform a repeated choice experiment and fit an error model that allows us to discriminate between true violations …

This paper develops a utility model for evaluating lotteries. In estimating utility, risk averse people use an … model allows researchers to directly specify their attitudes toward risk. The model is advantageous for two reasons. First …

We present a theory of discrete choice with information costs that supports deliberate stochastic choice. We use a … unique experimental dataset to distinguish between errors arising from limitations on a decision maker's cognitive abilities … dynamic extension of our theory, we find that accumulated knowledge of the environment improves response consistency. …