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A Combination of Expected Utility and Maxmin Decision Criteria

Author

Listed:
  • Itzhak Gilboa

    (Northwestern University [Evanston])

Abstract

A new explanation of the Allais paradox is suggested. A decision rule representable by an increasing function of the expected utility and the minimum utility is axiomatized. The lexicographic separability of this function is also discussed and axiomatized.

Suggested Citation

  • Itzhak Gilboa, 1988. "A Combination of Expected Utility and Maxmin Decision Criteria," Post-Print hal-00753244, HAL.
    • Handle: RePEc:hal:journl:hal-00753244
    DOI: 10.1016/0022-2496(88)90020-X
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    Citations

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    Cited by:

    1. Simone Cerreia‐Vioglio & David Dillenberger & Pietro Ortoleva, 2015. "Cautious Expected Utility and the Certainty Effect," Econometrica, Econometric Society, vol. 83, pages 693-728, March.
    2. Chateauneuf, Alain & Eichberger, Jurgen & Grant, Simon, 2007. "Choice under uncertainty with the best and worst in mind: Neo-additive capacities," Journal of Economic Theory, Elsevier, vol. 137(1), pages 538-567, November.
    3. Luc Paugam & Jean‐François Casta & Hervé Stolowy, 2018. "Non‐additivity in Accounting Valuation: Theory and Applications," Abacus, Accounting Foundation, University of Sydney, vol. 54(3), pages 381-416, September.
    4. Schmidt, Ulrich & Zank, Horst, 2009. "A simple model of cumulative prospect theory," Journal of Mathematical Economics, Elsevier, vol. 45(3-4), pages 308-319, March.
    5. Adriani, Fabrizio & Sonderegger, Silvia, 2020. "Optimal similarity judgments in intertemporal choice (and beyond)," Journal of Economic Theory, Elsevier, vol. 190(C).
    6. Ayala Arad & Gabrielle Gayer, 2012. "Imprecise Data Sets as a Source of Ambiguity: A Model and Experimental Evidence," Management Science, INFORMS, vol. 58(1), pages 188-202, January.
    7. Craig Webb, 2015. "Piecewise additivity for non-expected utility," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 60(2), pages 371-392, October.
    8. Grant, Simon & Rich, Patricia & Stecher, Jack, 2022. "Bayes and Hurwicz without Bernoulli," Journal of Economic Theory, Elsevier, vol. 199(C).
    9. Zimper, Alexander, 2004. "On the existence of strategic solutions for games with security- and potential level players," Papers 04-04, Sonderforschungsbreich 504.
    10. Marcello Basili & Luca Pratelli, 2013. "Aggregation of not necessarily independent opinions," Department of Economics University of Siena 677, Department of Economics, University of Siena.
    11. Ulrich Schmidt & Horst Zank, 2022. "Chance theory: A separation of riskless and risky utility," Journal of Risk and Uncertainty, Springer, vol. 65(1), pages 1-32, August.
    12. Alon, Shiri, 2015. "Worst-case expected utility," Journal of Mathematical Economics, Elsevier, vol. 60(C), pages 43-48.
    13. Groneck, Max & Ludwig, Alexander & Zimper, Alexander, 2024. "Who saves more, the naive or the sophisticated agent?," Journal of Economic Theory, Elsevier, vol. 219(C).
    14. Alain Chateauneuf & Michèle Cohen & Jean-Marc Tallon, 2008. "Decision under risk : The classical Expected Utility model," Post-Print halshs-00348814, HAL.
    15. Schmidt, Ulrich & Zimper, Alexander, 2003. "Security and potential level preferences with thresholds," Papers 03-29, Sonderforschungsbreich 504.
    16. William S. Neilson, 2000. "Victory and Defeat in a Model of Behavior in Games and Toward Risk," Econometric Society World Congress 2000 Contributed Papers 0690, Econometric Society.
    17. Jean-François Casta & Luc Paugam & Hervé Stolowy, 2011. "Non-additivity in accounting valuation: Internally generated goodwill as an aggregation of interacting assets," Post-Print halshs-00541525, HAL.
    18. Schmidt, Ulrich, 2000. "The certainty effect and boundary effects with transformed probabilities," Economics Letters, Elsevier, vol. 67(1), pages 29-33, April.
    19. Paolo Leonetti, 2022. "Expected multi-utility representations of preferences over lotteries," Papers 2210.04739, arXiv.org, revised Jan 2024.
    20. Alexander Zimper, 2007. "Strategic games with security and potential level players," Theory and Decision, Springer, vol. 63(1), pages 53-78, August.
    21. Ulrich Schmidt, 2001. "Lottery Dependent Utility: a Reexamination," Theory and Decision, Springer, vol. 50(1), pages 35-58, February.
    22. Mark Schneider, 2019. "A Bias Aggregation Theorem," Working Papers 19-03, Chapman University, Economic Science Institute.
    23. Schmidt, Ulrich & Zimper, Alexander, 2003. "Security And Potential Level Preferences With," Sonderforschungsbereich 504 Publications 03-29, Sonderforschungsbereich 504, Universität Mannheim;Sonderforschungsbereich 504, University of Mannheim.

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    Keywords

    Expected Utility; Maxmin Decision Criteria;

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