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Scalarization Methods and Expected Multi-Utility Representations

Evren, Özgür - Center for Economic and Financial Research (CEFIR), New … - 2012

I characterize the class of (possibly incomplete) preference relations over lotteries which can be represented by a compact set of (continuous) expected utility functions that preserve both indifferences and strict preferences. This finding contrasts with the representation theorem of Dubra,...

Persistent link: https://www.econbiz.de/10010565622

Randomized Sign Test for Dependent Observations on Discrete Choice under Risk

Bracha, Anat; Gray, Jeremy; Ibragimov, Rustam; Nadler, Boaz - Cowles Foundation for Research in Economics, Yale University - 2005

This paper proposes nonparametric statistical procedures for analyzing discrete choice models of affective decision … on game-theoretic models of affective decision making. This methodology is illustrated in the context of a hypothetical …

Persistent link: https://www.econbiz.de/10005087369

Psychological Games in the Theory of Choice. II. Shame, Regret, Egoism and Altruism

Zak, F. - In: Journal of the New Economic Association 22 (2014) 2, pp. 12-40

In this paper we give a survey of recent works on game theory devoted to modeling of decision making process under … principles (religious beliefs, altruism, patriotism), emotions (envy, wrath, shame, regret, or guilt) or simply by an attempt to … behavior of agents subject to shame and regret, egoists and altruists, and study bargaining solutions in multicriteria settings. …

Persistent link: https://www.econbiz.de/10010895070

Revealed preferences over risk and uncertainty

Quah, John; Polisson, Matthew; Renou, Ludovic - Department of Economics, Oxford University - 2015

Consider a finite data set where each observation consists of a bunde of contingent consumption chosen by an agent from a constraint set of such bundles. We develop a general procedure for testing the consistency of this data set with a broad class of models of choice under risk and under...

Persistent link: https://www.econbiz.de/10011159017

Expected Utility Theory without the Completeness Axiom

Dubra, Juan; Maacheroni, Fabio; Ok, Efe A. - Cowles Foundation for Research in Economics, Yale University - 2001

We study axiomatically the problem of obtaining an expected utility representation for a potentially incomplete preference relation over lotteries by means of a set of von Neumann-Morgenstern utility functions. It is shown that, when the prize space is a compact metric space, a preference...

Persistent link: https://www.econbiz.de/10005762479

Expected Utility Without the Completeness Axiom

Dubra, Juan; Maccheroni, Fabio; Ok, Efe A. - School of Management, Yale University - 2004

Persistent link: https://www.econbiz.de/10005178454

Risky Curves: From Unobservable Utility to Observable Opportunity Sets

Friedman, Daniel; Sunder, Shyam - Cowles Foundation for Research in Economics, Yale University - 2011

Most theories of risky choice postulate that a decision maker maximizes the expectation of a Bernoulli (or utility or …

Persistent link: https://www.econbiz.de/10009251218

Revealed preference tests under risk and uncertainty

Polisson, Matthew; Quah, John K.-H. - Department of Economics, Leicester University - 2013

Consider a finite data set where each observation consists of a bundle of contingent consumption chosen from a constraint set of contingent consumption bundles. We develop a general procedure for testing the consistency of such a data set with a broad class of models of choice under risk or...

Persistent link: https://www.econbiz.de/10010721429

Loss Modification Incentives for Insurers under Expected Utility and Loss Aversion

Soetevent, Adriaan R.; Zhou, Liting - Tinbergen Instituut - 2014

Given the possibility to modify the probability of a loss, will a profit-maximizing insurer engage in loss prevention or is it in his interest to increase the loss probability? This paper investigates this question. First, we calculate the expected profit maximizing loss probability within an...

Persistent link: https://www.econbiz.de/10011256470

Revealed Preference and Choice under Uncertainty

BOSSERT, Walter; SUZUMURA, Kotaro - Département de Sciences Économiques, Université de … - 2010

generated by the optimization of some underlying decision criterion under uncertainty. Rather than focusing on a specific theory … of choice, our objective is to formulate a general approach that is designed to cover the various decision criteria that …

Persistent link: https://www.econbiz.de/10010933662