A Revealed Preference Implication of Weighted Utility Decisions Under Uncertainty
AbstractIn a novel formulation of revealed preference analysis, Green and Osband  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  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 InfoPaper provided by Minnesota - Center for Economic Research in its series Papers with number 270.
Length: 23 pages
Date of creation: 1993
Date of revision:
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Postal: UNIVERSITY OF MINNESOTA, CENTER FOR ECONOMIC RESEARCH, DEPARTMENT OF ECONOMICS, MINNEAPOLIS MINNESOTA 35455 U.S.A.
Web page: http://www.econ.umn.edu/
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Other versions of this item:
- In-Uck Park, 1998. "A revealed-preference implication of weighted utility decisions under uncertainty," Economic Theory, Springer, vol. 11(2), pages 413-426.
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- 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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