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Utility of gambling II: risk, paradoxes, and data

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  • R. Luce

  • C. Ng
  • A. Marley
  • János Aczél

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  • R. Luce & C. Ng & A. Marley & János Aczél, 2008. "Utility of gambling II: risk, paradoxes, and data," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 36(2), pages 165-187, August.
    • Handle: RePEc:spr:joecth:v:36:y:2008:i:2:p:165-187
    DOI: 10.1007/s00199-007-0259-y
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    References listed on IDEAS

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    1. Enrico Diecidue & Ulrich Schmidt & Peter P. Wakker, 2004. "The Utility of Gambling Reconsidered," Journal of Risk and Uncertainty, Springer, vol. 29(3), pages 241-259, December.
    2. Fabio Maccheroni & Massimo Marinacci & Aldo Rustichini, 2006. "Ambiguity Aversion, Robustness, and the Variational Representation of Preferences," Econometrica, Econometric Society, vol. 74(6), pages 1447-1498, November.
    3. Cho, Young-Hee & Duncan Luce, R. & Truong, Lan, 2002. "Duplex decomposition and general segregation of lotteries of a gain and a loss: An empirical evaluation," Organizational Behavior and Human Decision Processes, Elsevier, vol. 89(2), pages 1176-1193, November.
    4. Birnbaum, Michael H., 2007. "Tests of branch splitting and branch-splitting independence in Allais paradoxes with positive and mixed consequences," Organizational Behavior and Human Decision Processes, Elsevier, vol. 102(2), pages 154-173, March.
    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. Conlisk, John, 1993. "The Utility of Gambling," Journal of Risk and Uncertainty, Springer, vol. 6(3), pages 255-275, June.
    7. 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.
    8. Daniel Ellsberg, 1961. "Risk, Ambiguity, and the Savage Axioms," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 75(4), pages 643-669.
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    Citations

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    Cited by:

    1. Brice Corgnet & Roberto Hernán González, 2023. "On The Appeal Of Complexity," Working Papers 2312, Groupe d'Analyse et de Théorie Economique Lyon St-Etienne (GATE Lyon St-Etienne), Université de Lyon.
    2. Brito, Irene, 2020. "A decision model based on expected utility, entropy and variance," Applied Mathematics and Computation, Elsevier, vol. 379(C).
    3. Lasse Mononen, 2026. "Expected utility without linearity: distinguishing between prospect theory and cumulative prospect theory," Theory and Decision, Springer, vol. 100(2), pages 325-349, March.
    4. Cesarone, F. & Corradini, M. & Lampariello, L. & Riccioni, J., 2026. "A new behavioral model for portfolio selection using the Half-Full/Half-Empty approach," European Journal of Operational Research, Elsevier, vol. 330(2), pages 687-699.
    5. Mononen, Lasse, 2025. "Expected Utility Without Linearity: Distinguishing Between Prospect Theory and Cumulative Prospect Theory," Center for Mathematical Economics Working Papers 728, Center for Mathematical Economics, Bielefeld University.
    6. Francesco Cesarone & Massimiliano Corradini & Lorenzo Lampariello & Jessica Riccioni, 2023. "A new behavioral model for portfolio selection using the Half-Full/Half-Empty approach," Papers 2312.10749, arXiv.org.
    7. Michael H. Birnbaum & Ulrich Schmidt & Miriam D. Schneider, 2017. "Testing independence conditions in the presence of errors and splitting effects," Journal of Risk and Uncertainty, Springer, vol. 54(1), pages 61-85, February.

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    JEL classification:

    • C91 - Mathematical and Quantitative Methods - - Design of Experiments - - - Laboratory, Individual Behavior
    • D46 - Microeconomics - - Market Structure, Pricing, and Design - - - Value Theory
    • D81 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Criteria for Decision-Making under Risk and Uncertainty

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