This paper examines the cross-fertilizations of random utility models with the study of decision making under risk and uncertainty. We start with a description of the Expected Utility (EU) theory and then consider deviations from the standard EU frameworks, involving the Allais paradox and the...

This paper shows that QALYs can be derived from more elementary conditions than thought hitherto in the literature: it suffices to impose risk neutrality for life years in every health state. This derivation of QALYs is appealing because it does not require knowledge of concepts from utility...

This article studies situations in which information is ambiguous and only part of it can be probably. It is shown that the information can be modeled through belief functions if and only if the nonprobabilizable information is subject to the principle of complete ignorance. Next the...