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Nonexpected Utility and Coherence


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  • Diecidue, E.

    (Tilburg University)

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    The descriptive power of expected utility has been challenged by behavioral evidence showing that people deviate systematically from the expected utility paradigm. Since the end of the 70's several alternatives to the classical expected utility paradigm have been proposed in order to accommodate these deviations. This thesis examines from a theoretical and experimental point of view the rank-dependent models, currently the most influential alternative to expected utility. The rank-dependent models propose a natural extension of expected utility by permitting nonlinear weighting of probabilities through decision weights. This thesis investigates the intuition underlying the rank-dependent models, the extension of de Finetti's coherence principle to the rank-dependent case, and the experimental elicitation of the decision weights. In addition, an alternative generalization of expected utility, the gambling effect model, is presented.

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    Bibliographic Info

    Paper provided by Tilburg University in its series Open Access publications from Tilburg University with number urn:nbn:nl:ui:12-87265.

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    Length: 133
    Date of creation: 2001
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    Publication status: Published
    Handle: RePEc:ner:tilbur:urn:nbn:nl:ui:12-87265

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    1. repec:ubc:bricol:93-39 is not listed on IDEAS
    2. repec:ubc:bricol:90-03 is not listed on IDEAS
    3. Neuefeind, Wilhelm & Trockel, Walter, 1995. "Continuous Linear Representability of Binary Relations," Economic Theory, Springer, Springer, vol. 6(2), pages 351-56, July.
    4. repec:ubc:bricol:92-04 is not listed on IDEAS
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