An alternative preference foundation for expected utility is provided. Our segregated approach considers four … and continuity of a preference relation, characterize expected utility. Furthermore, if rank-dependent separability is … dropped, expected utility still holds on each subset of three-outcomes lotteries that give positive probability to both the …

probability distortions that explain violations of the linear probability model for expected utility theory (EUT). Quantum … probability theory (QPT) extends the probability distortion paradigm with state dependent preferences, and non-Kolmogorov quantum …

This paper studies the relation between concavity, stochastic or state dependent utility functions, and risk aversion …

one lottery being chosen over the other. Choice probabilities have a stochastic utility representation if they can be … stochastic utility representation if and only if they are complete, strongly transitive, continuous, independent of common … consequences and interchangeable. Axioms of stochastic utility are consistent with systematic violations of betweenness and a …