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A Revealed Preference Implication of Weighted Utility Decisions Under Uncertainty

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Author Info

  • Park, I.U.

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

Paper provided by Minnesota - Center for Economic Research in its series Papers with number 270.

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Length: 23 pages
Date of creation: 1993
Date of revision:
Handle: RePEc:fth:minner:270

Contact details of provider:
Postal: UNIVERSITY OF MINNESOTA, CENTER FOR ECONOMIC RESEARCH, DEPARTMENT OF ECONOMICS, MINNEAPOLIS MINNESOTA 35455 U.S.A.
Phone: (612)625-6353
Fax: (612)624-0209
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Web page: http://www.econ.umn.edu/
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Keywords: economic theory;

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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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