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A revealed-preference implication of weighted utility decisions under uncertainty

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  • In-Uck Park

    (Department of Economics, University of Bristol, 8 Woodland Road, Bristol BS8 1TN, UK)

Abstract

In a novel formulation of revealed preference analysis, Green and Osband [8] show that for expected-utility maximizers, acts partition the state-simplex into linear polyhedral blocks. The question naturally arises whether this characterization distinguishes expected utility theory from non-expected utility theories. This paper investigates the weighted utility theory of Chew [2] and shows that the corresponding partition is systematically different from the expected utility theory: the boundaries of the partition blocks are quadratic rather than linear. This result contains useful empirical contents.

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Bibliographic Info

Article provided by Springer in its journal Economic Theory.

Volume (Year): 11 (1998)
Issue (Month): 2 ()
Pages: 413-426

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Handle: RePEc:spr:joecth:v:11:y:1998:i:2:p:413-426

Note: Received: May 15, 1995; revised version: November 22, 1996
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Cited by:
  1. Green, Edward J. & Park, In-Uck, 1996. "Bayes contingent plans," Journal of Economic Behavior & Organization, Elsevier, vol. 31(2), pages 225-236, November.

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