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A Revealed Preference Implication of Weighted Utility Decisions Under Uncertainty

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  • Park, I.U.

Abstract

In a novel formulation of revealed preference analysis, Green and Osband [8] show that for expected-utility maximizers, acts partition the state-simplex into linear polyhedral blocks. The question naturally arises whether this characterization distinguishes expected utility theory from non-expected utility theories. This paper investigates the weighted utility theory of Chew [2] and shows that the corresponding partition is systematically different from the expected utility theory: the boundaries of the partition blocks are quadratic rather than linear. This result contains useful empirical contents.
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  • Park, I.U., 1993. "A Revealed Preference Implication of Weighted Utility Decisions Under Uncertainty," Papers 270, Minnesota - Center for Economic Research.
  • Handle: RePEc:fth:minner:270
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    Cited by:

    1. Green, Edward J. & Park, In-Uck, 1996. "Bayes contingent plans," Journal of Economic Behavior & Organization, Elsevier, vol. 31(2), pages 225-236, November.

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    Keywords

    economic theory;

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