A Revealed Preference Implication of Weighted Utility Decisions Under Uncertainty
In a novel formulation of revealed preference analysis, Green and Osband  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  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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|Date of creation:||1993|
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