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Preference Paradox and Nonlinear Expected Utility Theory

In: Behavioral Decision Theory

Author

Listed:
  • Kazuhisa Takemura

    (Waseda University)

Abstract

The previous chapter explained that expected utility theory included counterexamples called the Allais paradox (Allais 1953) and the Ellsberg paradox (Ellsberg 1961). The Allais and Ellsberg paradoxes are interpreted as deviations from the independence axiom. This chapter first explains the relations between these paradoxes and the independence axiom.

Suggested Citation

  • Kazuhisa Takemura, 2014. "Preference Paradox and Nonlinear Expected Utility Theory," Springer Books, in: Behavioral Decision Theory, edition 127, chapter 0, pages 77-88, Springer.
  • Handle: RePEc:spr:sprchp:978-4-431-54580-4_7
    DOI: 10.1007/978-4-431-54580-4_7
    as

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