Coherent Decision Analysis with Inseparable Probabilities and Utilities
This article explores the extent to which a decisionmaker's probabilities can be measured separately from his/her utilities by observing his/her acceptance of small monetary gambles. Only a partial separation is achieved: the acceptable gambles are partitioned into a set of "belief gambles," which reveals probabilities distorted by marginal utilities for money, and a set of "preference gambles," which reveals utilities reciprocally distorted by marginal utilities for money. However, the information in these gambles still enables us to solve the decisionmaker's problem: his/her utility-maximizing decision is the one that avoids arbitrage (i.e., incoherence or Dutch books). Copyright 1995 by Kluwer Academic Publishers
To our knowledge, this item is not available for
download. To find whether it is available, there are three
1. Check below under "Related research" whether another version of this item is available online.
2. Check on the provider's web page whether it is in fact available.
3. Perform a search for a similarly titled item that would be available.
Volume (Year): 10 (1995)
Issue (Month): 1 (January)
|Contact details of provider:|| Web page: http://www.springer.com|
|Order Information:||Web: http://www.springer.com/economics/economic+theory/journal/11166/PS2|