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One of the most well-known models of non-expected utility is Gul (1991)'s model of Disappointment Aversion. This model …, however, is defined implicitly, as the solution to a functional equation; its explicit utility representation is unknown …
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This article describes the main historical facts concerning the Saint Petersburg paradox, the most important solutions proposed thus far, and the results of new experimental evidence and a simulation of the game that shed light on a solution for this paradox. The Saint Petersburg paradox has...
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