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Great expectations. Part II: Generalized expected utility as a universal decision rule

  • Francis C. Chu

    (Cornell University)

  • Joseph Y. Halpern

    (Cornell University)

Many different rules for decision making have been introduced in the literature. We show that a notion of generalized expected utility proposed in 'Great Expectations. Part I' is a universal decision rule, in the sense that it can represent essentially all other decision rules.

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File URL: http://128.118.178.162/eps/game/papers/0411/0411004.pdf
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Paper provided by EconWPA in its series Game Theory and Information with number 0411004.

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Length: 21 pages
Date of creation: 05 Nov 2004
Date of revision:
Handle: RePEc:wpa:wuwpga:0411004
Note: Type of Document - pdf; pages: 21. Appears in Artificial Intelligence, vol. 159, numbers 1,2, 2004, pp. 207-230
Contact details of provider: Web page: http://128.118.178.162

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  1. Lehmann, Daniel, 2001. "Expected Qualitative Utility Maximization," Games and Economic Behavior, Elsevier, vol. 35(1-2), pages 54-79, April.
  2. Gilboa, Itzhak & Schmeidler, David, 1989. "Maxmin expected utility with non-unique prior," Journal of Mathematical Economics, Elsevier, vol. 18(2), pages 141-153, April.
  3. Wakker, Peter P. & Zank, Horst, 2002. "A simple preference foundation of cumulative prospect theory with power utility," European Economic Review, Elsevier, vol. 46(7), pages 1253-1271, July.
  4. Schmeidler, David, 1989. "Subjective Probability and Expected Utility without Additivity," Econometrica, Econometric Society, vol. 57(3), pages 571-87, May.
  5. Gul, Faruk, 1991. "A Theory of Disappointment Aversion," Econometrica, Econometric Society, vol. 59(3), pages 667-86, May.
  6. Amos Tversky & Daniel Kahneman, 1979. "Prospect Theory: An Analysis of Decision under Risk," Levine's Working Paper Archive 7656, David K. Levine.
  7. Sarin, Rakesh & Wakker, Peter, 1997. "A Single-Stage Approach to Anscombe and Aumann's Expected Utility," Review of Economic Studies, Wiley Blackwell, vol. 64(3), pages 399-409, July.
  8. 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.
  9. Yaari, Menahem E, 1987. "The Dual Theory of Choice under Risk," Econometrica, Econometric Society, vol. 55(1), pages 95-115, January.
  10. Fishburn, Peter C, 1987. "Reconsiderations in the Foundations of Decision under Uncertainty," Economic Journal, Royal Economic Society, vol. 97(388), pages 825-41, December.
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