-parameter generalization of expected utility theory. The proposed theory assumes that a decision maker: 1) behaves as if maximizing expected …This paper presents a new decision theory for modelling choice under risk. The new theory is a two … utility; but 2) may experience disappointment (elation) when the utility of a lottery's outcome falls short of (exceeds) the …

Expected Utility Theory -- Alternative Descriptive Models -- A Positivistic Test of EU Theory -- An Experimental Study … undertaken regarding the descrip­ tive validity of expected utility theory as a model of choice under uncer­ tainty. His …, task effects, and context effects as they influence behavior. The expected utility hypothesis has come under scrutiny in …

We build a satisficing model of probabilistic choice under risk which embeds Expected Utility Theory (EUT) into a … boundedly rational deliberation process. The decision maker accumulates evidence for and against alternative options by …

only utility-representable preferences that is capable of replicating and extending important results obtained in the EU … equivalence between behavioral assumptions and the characteristics of the utility function, which are in turn necessary and …