IDEAS home Printed from https://ideas.repec.org/a/eee/ejores/v186y2008i1p243-260.html
   My bibliography  Save this article

Risk attributes theory: Decision making under risk

Author

Listed:
  • He, Ying
  • Huang, Rui-Hua

Abstract

No abstract is available for this item.

Suggested Citation

  • He, Ying & Huang, Rui-Hua, 2008. "Risk attributes theory: Decision making under risk," European Journal of Operational Research, Elsevier, vol. 186(1), pages 243-260, April.
  • Handle: RePEc:eee:ejores:v:186:y:2008:i:1:p:243-260
    as

    Download full text from publisher

    File URL: http://www.sciencedirect.com/science/article/pii/S0377-2217(07)00138-5
    Download Restriction: Full text for ScienceDirect subscribers only
    ---><---

    As the access to this document is restricted, you may want to search for a different version of it.

    References listed on IDEAS

    as
    1. Sarin, Rakesh K. & Weber, Martin, 1993. "Risk-value models," European Journal of Operational Research, Elsevier, vol. 70(2), pages 135-149, October.
    2. Mitchell, Douglas W. & Gelles, Gregory M., 2003. "Risk-value models: Restrictions and applications," European Journal of Operational Research, Elsevier, vol. 145(1), pages 109-120, February.
    3. Mohammed Abdellaoui, 2002. "A Genuine Rank-Dependent Generalization of the Von Neumann-Morgenstern Expected Utility Theorem," Econometrica, Econometric Society, vol. 70(2), pages 717-736, March.
    4. Ulrich Schmidt, 2001. "Lottery Dependent Utility: a Reexamination," Theory and Decision, Springer, vol. 50(1), pages 35-58, February.
    5. Tversky, Amos & Kahneman, Daniel, 1992. "Advances in Prospect Theory: Cumulative Representation of Uncertainty," Journal of Risk and Uncertainty, Springer, vol. 5(4), pages 297-323, October.
    6. Matthew Rabin, 2000. "Risk Aversion and Expected-Utility Theory: A Calibration Theorem," Econometrica, Econometric Society, vol. 68(5), pages 1281-1292, September.
    7. Quiggin, John, 1982. "A theory of anticipated utility," Journal of Economic Behavior & Organization, Elsevier, vol. 3(4), pages 323-343, December.
    8. Peter C. Fishburn & Peter H. Farquhar, 1982. "Finite-Degree Utility Independence," Mathematics of Operations Research, INFORMS, vol. 7(3), pages 348-353, August.
    9. Susan K. Laury & Charles A. Holt, 2005. "Further Reflections on Prospect Theory," Experimental Economics Center Working Paper Series 2006-23, Experimental Economics Center, Andrew Young School of Policy Studies, Georgia State University.
    10. Michael Nwogugu, 2005. "Towards multi-factor models of decision making and risk: A critique of Prospect Theory and related approaches, part II," Journal of Risk Finance, Emerald Group Publishing, vol. 6(2), pages 163-173, March.
    11. Peter C. Fishburn, 1984. "Multiattribute Nonlinear Utility Theory," Management Science, INFORMS, vol. 30(11), pages 1301-1310, November.
    12. Daniel Kahneman & Amos Tversky, 2013. "Prospect Theory: An Analysis of Decision Under Risk," World Scientific Book Chapters, in: Leonard C MacLean & William T Ziemba (ed.), HANDBOOK OF THE FUNDAMENTALS OF FINANCIAL DECISION MAKING Part I, chapter 6, pages 99-127, World Scientific Publishing Co. Pte. Ltd..
    13. Schmidt, Ulrich, 2003. "The axiomatic basis of risk-value models," European Journal of Operational Research, Elsevier, vol. 145(1), pages 216-220, February.
    14. Michael Nwogugu, 2005. "Towards multi-factor models of decision making and risk: A critique of Prospect Theory and related approaches, part III," Journal of Risk Finance, Emerald Group Publishing, vol. 6(3), pages 267-274, May.
    15. James S. Dyer & Rakesh K. Sarin, 1979. "Measurable Multiattribute Value Functions," Operations Research, INFORMS, vol. 27(4), pages 810-822, August.
    16. Ralph L. Keeney, 1972. "Utility Functions for Multiattributed Consequences," Management Science, INFORMS, vol. 18(5-Part-1), pages 276-287, January.
    17. Keeney,Ralph L. & Raiffa,Howard, 1993. "Decisions with Multiple Objectives," Cambridge Books, Cambridge University Press, number 9780521438834.
    18. Ralph L. Keeney, 1974. "Multiplicative Utility Functions," Operations Research, INFORMS, vol. 22(1), pages 22-34, February.
    19. Michael Nwogugu, 2005. "Towards multi-factor models of decision making and risk: A critique of Prospect Theory and related approaches, part I," Journal of Risk Finance, Emerald Group Publishing, vol. 6(2), pages 150-162, March.
    20. Ralph L. Keeney, 1971. "Utility Independence and Preferences for Multiattributed Consequences," Operations Research, INFORMS, vol. 19(4), pages 875-893, August.
    21. Tversky, Amos & Wakker, Peter, 1995. "Risk Attitudes and Decision Weights," Econometrica, Econometric Society, vol. 63(6), pages 1255-1280, November.
    22. Farquhar, Peter H., 1981. "Multivalent preference structures," Mathematical Social Sciences, Elsevier, vol. 1(4), pages 397-408, August.
    23. Jianmin Jia & James S. Dyer & John C. Butler, 1999. "Measures of Perceived Risk," Management Science, INFORMS, vol. 45(4), pages 519-532, April.
    24. Roy, Bernard & Vincke, Philippe, 1981. "Multicriteria analysis: survey and new directions," European Journal of Operational Research, Elsevier, vol. 8(3), pages 207-218, November.
    25. François Sainfort & Jean M. Deichtmann, 1996. "Decomposition of Utility Functions on Subsets of Product Sets," Operations Research, INFORMS, vol. 44(4), pages 609-616, August.
    26. Fishburn, Peter C., 1990. "Skew symmetric additive utility with finite states," Mathematical Social Sciences, Elsevier, vol. 19(2), pages 103-115, April.
    27. John W. Payne & Dan J. Laughhunn & Roy Crum, 1981. "Note---Further Tests of Aspiration Level Effects in Risky Choice Behavior," Management Science, INFORMS, vol. 27(8), pages 953-958, August.
    28. Yang, Jiping & Qiu, Wanhua, 2005. "A measure of risk and a decision-making model based on expected utility and entropy," European Journal of Operational Research, Elsevier, vol. 164(3), pages 792-799, August.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Winters, Matthew S. & Conroy-Krutz, Jeffrey, 2021. "Preferences for traditional and formal sector justice institutions to address land disputes in rural Mali," World Development, Elsevier, vol. 142(C).
    2. Kabir, Golam & Tesfamariam, Solomon & Francisque, Alex & Sadiq, Rehan, 2015. "Evaluating risk of water mains failure using a Bayesian belief network model," European Journal of Operational Research, Elsevier, vol. 240(1), pages 220-234.

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Liang Zou, 2006. "An Alternative to Prospect Theory," Annals of Economics and Finance, Society for AEF, vol. 7(1), pages 1-28, May.
    2. Víctor González-Jiménez, 2021. "Incentive contracts when agents distort probabilities," Vienna Economics Papers vie2101, University of Vienna, Department of Economics.
    3. Rablen, Matthew D., 2019. "Foundations of the Rank-Dependent Probability Weighting Function," IZA Discussion Papers 12701, Institute of Labor Economics (IZA).
    4. Víctor González-Jiménez, 2021. "Incentive contracts when agents distort probabilities," Vienna Economics Papers 2101, University of Vienna, Department of Economics.
    5. Antoni Bosch-Domènech & Joaquim Silvestre, 2002. "Reflections on gains and losses: A 2x2x7 experiment," Economics Working Papers 640, Department of Economics and Business, Universitat Pompeu Fabra, revised Feb 2005.
    6. Pedro Bordalo & Nicola Gennaioli & Andrei Shleifer, 2012. "Salience Theory of Choice Under Risk," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 127(3), pages 1243-1285.
    7. Moshe Levy, 2022. "An evolutionary explanation of the Allais paradox," Journal of Evolutionary Economics, Springer, vol. 32(5), pages 1545-1574, November.
    8. Jakusch, Sven Thorsten, 2017. "On the applicability of maximum likelihood methods: From experimental to financial data," SAFE Working Paper Series 148, Leibniz Institute for Financial Research SAFE, revised 2017.
    9. Mohammed Abdellaoui & Horst Zank, 2023. "Source and rank-dependent utility," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 75(4), pages 949-981, May.
    10. L'Haridon, Olivier, 2009. "Behavior in the loss domain: An experiment using the probability trade-off consistency condition," Journal of Economic Psychology, Elsevier, vol. 30(4), pages 540-551, August.
    11. Davies, G.B., 2005. "Rethinking Risk: Aspiration as Pure Risk," Cambridge Working Papers in Economics 0507, Faculty of Economics, University of Cambridge.
    12. Horst Zank, 2010. "On probabilities and loss aversion," Theory and Decision, Springer, vol. 68(3), pages 243-261, March.
    13. Lewandowski, Michal, 2006. "Is Cumulative Prospect Theory a Serious Alternative for the Expected Utility Paradigm?," MPRA Paper 43271, University Library of Munich, Germany.
    14. Johannes G. Jaspersen & Richard Peter & Marc A. Ragin, 2023. "Probability weighting and insurance demand in a unified framework," The Geneva Risk and Insurance Review, Palgrave Macmillan;International Association for the Study of Insurance Economics (The Geneva Association), vol. 48(1), pages 63-109, March.
    15. Fan Wang, 2022. "Rank-Dependent Utility Under Multiple Priors," Management Science, INFORMS, vol. 68(11), pages 8166-8183, November.
    16. Stracca, Livio, 2004. "Behavioral finance and asset prices: Where do we stand?," Journal of Economic Psychology, Elsevier, vol. 25(3), pages 373-405, June.
    17. Mohammed Abdellaoui & Olivier L’Haridon & Horst Zank, 2010. "Separating curvature and elevation: A parametric probability weighting function," Journal of Risk and Uncertainty, Springer, vol. 41(1), pages 39-65, August.
    18. Enrico Diecidue & Peter Wakker & Marcel Zeelenberg, 2007. "Eliciting decision weights by adapting de Finetti’s betting-odds method to prospect theory," Journal of Risk and Uncertainty, Springer, vol. 34(3), pages 179-199, June.
    19. Pedro Bordalo & Nicola Gennaioli & Andrei Shleifer, 2013. "Salience and Consumer Choice," Journal of Political Economy, University of Chicago Press, vol. 121(5), pages 803-843.
    20. Vjollca Sadiraj, 2014. "Probabilistic risk attitudes and local risk aversion: a paradox," Theory and Decision, Springer, vol. 77(4), pages 443-454, December.

    More about this item

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:eee:ejores:v:186:y:2008:i:1:p:243-260. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Catherine Liu (email available below). General contact details of provider: http://www.elsevier.com/locate/eor .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.