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One-reason decision-making: Modeling violations of expected utility theory

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  • Konstantinos Katsikopoulos

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  • Gerd Gigerenzer

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Suggested Citation

  • Konstantinos Katsikopoulos & Gerd Gigerenzer, 2008. "One-reason decision-making: Modeling violations of expected utility theory," Journal of Risk and Uncertainty, Springer, vol. 37(1), pages 35-56, August.
  • Handle: RePEc:kap:jrisku:v:37:y:2008:i:1:p:35-56
    DOI: 10.1007/s11166-008-9042-0
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    References listed on IDEAS

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    1. Manel Baucells & Juan A. Carrasco & Robin Hogarth, 2005. "Cumulative dominance and heuristic performance in binary multi-attribute choice," Economics Working Papers 895, Department of Economics and Business, Universitat Pompeu Fabra.
    2. 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.
    3. Aizpurua, J M & Ichiishi, T. & Nieto, J. & Uriarte, J. R., 1993. "Similarity and Preferences in the Space of Simple Lotteries," Journal of Risk and Uncertainty, Springer, vol. 6(3), pages 289-297, June.
    4. Ido Erev & Ira Glozman & Ralph Hertwig, 2008. "What impacts the impact of rare events," Journal of Risk and Uncertainty, Springer, vol. 36(2), pages 153-177, April.
    5. Jonathan W. Leland, 2002. "Similarity Judgments and Anomalies in Intertemporal Choice," Economic Inquiry, Western Economic Association International, vol. 40(4), pages 574-581, October.
    6. Leland, Jonathan W, 1994. "Generalized Similarity Judgments: An Alternative Explanation for Choice Anomalies," Journal of Risk and Uncertainty, Springer, vol. 9(2), pages 151-172, October.
    7. Chris Starmer, 2000. "Developments in Non-expected Utility Theory: The Hunt for a Descriptive Theory of Choice under Risk," Journal of Economic Literature, American Economic Association, vol. 38(2), pages 332-382, June.
    8. Camerer, Colin F & Ho, Teck-Hua, 1994. "Violations of the Betweenness Axiom and Nonlinearity in Probability," Journal of Risk and Uncertainty, Springer, vol. 8(2), pages 167-196, March.
    9. Neilson, William S & Stowe, Jill, 2002. "A Further Examination of Cumulative Prospect Theory Parameterizations," Journal of Risk and Uncertainty, Springer, vol. 24(1), pages 31-46, January.
    10. Lilly, Gregory, 1994. "Bounded rationality : A Simon-like explication," Journal of Economic Dynamics and Control, Elsevier, vol. 18(1), pages 205-230, January.
    11. Kahneman, Daniel & Tversky, Amos, 1979. "Prospect Theory: An Analysis of Decision under Risk," Econometrica, Econometric Society, vol. 47(2), pages 263-291, March.
    12. John Conlisk, 1996. "Why Bounded Rationality?," Journal of Economic Literature, American Economic Association, vol. 34(2), pages 669-700, June.
    13. Drazen Prelec, 1998. "The Probability Weighting Function," Econometrica, Econometric Society, vol. 66(3), pages 497-528, May.
    14. Fishburn, Peter C, 1991. "Nontransitive Preferences in Decision Theory," Journal of Risk and Uncertainty, Springer, vol. 4(2), pages 113-134, April.
    15. David Buschena & David Zilberman, 1999. "Testing the Effects of Similarity on Risky Choice: Implications for Violations of Expected Utility," Theory and Decision, Springer, vol. 46(3), pages 253-280, June.
    16. Viscusi, W Kip, 1989. "Prospective Reference Theory: Toward an Explanation of the Paradoxes," Journal of Risk and Uncertainty, Springer, vol. 2(3), pages 235-263, September.
    17. Loomes, Graham & Sugden, Robert, 1987. "Testing for Regret and Disappointment in Choice under Uncertainty," Economic Journal, Royal Economic Society, vol. 97(388a), pages 118-129, Supplemen.
    18. Buschena, David & Zilberman, David, 1995. "Performance of the Similarity Hypothesis Relative to Existing Models of Risky Choice," Journal of Risk and Uncertainty, Springer, vol. 11(3), pages 233-262, December.
    19. Sunstein, Cass R, 2003. "Terrorism and Probability Neglect," Journal of Risk and Uncertainty, Springer, vol. 26(2-3), pages 121-136, March-May.
    20. Birnbaum, Michael H. & Chavez, Alfredo, 1997. "Tests of Theories of Decision Making: Violations of Branch Independence and Distribution Independence," Organizational Behavior and Human Decision Processes, Elsevier, vol. 71(2), pages 161-194, August.
    21. George J. Stigler, 1961. "The Economics of Information," Journal of Political Economy, University of Chicago Press, vol. 69, pages 213-213.
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    Cited by:

    1. repec:elg:eechap:15532_7 is not listed on IDEAS
    2. Avi Waksberg & Andrew Smith & Martin Burd, 2012. "A model of decision making in an ecologically realistic environment: Relative comparison and the Independence of Irrelevant Alternatives," Journal of Bioeconomics, Springer, vol. 14(3), pages 197-215, October.
    3. repec:eee:transb:v:101:y:2017:i:c:p:28-50 is not listed on IDEAS
    4. Cerqueti, Roy & Lupi, Claudio, 2015. "Consistent Risk Acceptance Criteria through Networks," Economics & Statistics Discussion Papers esdp15076, University of Molise, Dept. EGSeI.
    5. Andreas Ortmann & Leonidas Spiliopoulos, 2017. "The beauty of simplicity? (Simple) heuristics and the opportunities yet to be realized," Chapters,in: Handbook of Behavioural Economics and Smart Decision-Making, chapter 7, pages 119-136 Edward Elgar Publishing.
    6. Mareile Drechsler & Konstantinos Katsikopoulos & Gerd Gigerenzer, 2014. "Axiomatizing bounded rationality: the priority heuristic," Theory and Decision, Springer, vol. 77(2), pages 183-196, August.
    7. repec:spr:homoec:v:34:y:2017:i:4:d:10.1007_s41412-017-0058-z is not listed on IDEAS
    8. Frank Sloan & Lindsey Eldred & Tong Guo & Yanzhi Xu, 2013. "Are people overoptimistic about the effects of heavy drinking?," Journal of Risk and Uncertainty, Springer, vol. 47(1), pages 93-127, August.

    More about this item

    Keywords

    Decision making; EVT; EUT; St. Petersburg Paradox;

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