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An Outcome-Oriented Theory of Choice and Empirical Paradoxes in Expected Utility Theory

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  • Kaneko, F.
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    Abstract

    I analyze observed choice between lotteries from an outcome-oriented point of view in the framework of choice between random variables. I characterize a choice maker, who faces a choice situation between lotteries, by (1) a surmising process that associates, with a pair of lotteries, a set of well-defined cjoice situations between random variables, and (2) a choice set that is a collection of well-defined choice situations. I give a partial axiomatic foundation of the theory. The theory is applied to explain the well-known paradoxes in expected utility theory.

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    Bibliographic Info

    Paper provided by Yale - Economic Growth Center in its series Papers with number 774.

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    Length: 66 pages
    Date of creation: 1997
    Date of revision:
    Handle: RePEc:fth:yalegr:774

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    Web page: http://www.econ.yale.edu/~egcenter/
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    Keywords: UTILITY FUNCTION ; UNCERTAINTY;

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