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A Theory of Vague Expected Utility

Author

Listed:
  • Manzini Paola

    (Queen Mary, University of London, pm210@st-andrews.ac.uk)

  • Mariotti Marco

    (Queen Mary, University of London, mm210@st-andrews.ac.uk)

Abstract

We propose a new theory of choice between lotteries, which combines an 'economic' view of decision making - based on a rational, though incomplete, ordering - with a 'psychological' view - based on heuristics. This theory can explain observed violations of EU theory, namely all cyclical patterns of choice as well as violations of independence.

Suggested Citation

  • Manzini Paola & Mariotti Marco, 2004. "A Theory of Vague Expected Utility," The B.E. Journal of Theoretical Economics, De Gruyter, vol. 4(1), pages 1-17, December.
    • Handle: RePEc:bpj:bejtec:v:topics.4:y:2004:i:1:n:10
    DOI: 10.2202/1534-598X.1168
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    Cited by:

    1. Harvey Lederman, 2023. "Incompleteness, Independence, and Negative Dominance," Papers 2311.08471, arXiv.org.
    2. Pierre-Yves Geoffard & Stephane Luchini, 2007. "Changing time and emotions," PSE Working Papers halshs-00587792, HAL.
    3. Paola Manzini & Marco Mariotti, 2008. "On the Representation of Incomplete Preferences Over Risky Alternatives," Theory and Decision, Springer, vol. 65(4), pages 303-323, December.

    More about this item

    Keywords

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    JEL classification:

    • C7 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory
    • D8 - Microeconomics - - Information, Knowledge, and Uncertainty

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