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Utility (& Prospect & Decision Theories)  
Metadata
(refereed articles mainly)
See also Utility items

Contents   (in new windows)

1.   Utility Theory Metadata News
2.   Utility Theory Metadata. Events:
  December   November   October  
        September   August   July   June   May   April   March   February   January  
            2016 Undated     2015 Undated         Archive     2014     2013     2012    
            2011     2010     2009     2008     2007
3.   Utility Theory yearly Rankings     2015   2014
4.   Utility Problems     (St. Petersburg Paradox,   Allais Paradox  
        Equity Premium Puzzle,   Risk Aversion,   Gains and Losses   Loss Aversion,  
        Overweighting of low Probabilities   Underweighting of high Probabilities,  
        "Four-Fold-Pattern"   Shape of Probability Weighting Function,  
        Ellsberg Paradox,   Preference Reversals)
5.   New Approach.   Principle of Uncertain Future
6.   Solution of Problems
    (of St. Petersburg Paradox,   of Allais Paradox,  
        of Equity Premium Puzzle,   of Risk Aversion,   of Gains and Losses,  
        of Loss Aversion,   of Overweighting of low Probabilities,  
        of Underweighting of high Probabilities,   of "Four-Fold-Pattern"  
        of Shape of Probability Weighting Function,   of Ellsberg Paradox,  
        of Preference Reversals)


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Utility & Prospect & Decision Theories   Metadata  
1. News
Quarterly News (2016 quarter 2)

Top institutions in the field of Utility Models & Prospect Theory:

      1. (1,40)   Department of Ec-cs, Harvard University    

      2. (3,90)   Department of Ec-cs, University of California-San Diego    

      3. (4,10)   Department of Ec-cs, Boston University


Top authors in the field of Utility Models & Prospect Theory:

      1. (2,22)   Robert J. Barro    

      2. (3,93)   Larry G. Epstein    

      3. (4,07)   Peter P. Wakker


Risk Appetite
Edina Berlinger and Kata Varadi
in Public Finance Quarterly     2015
Abstract

Asymmetric reaction is rational behavior
Philip A. Horvath and Amit K. Sinha
in Journal of Economics and Finance     2017
Abstract

UNDERSTANDING HOW PEOPLE DECIDE: DECISION-MAKING THEORIES AS MENTAL REPRESENTATIONS
Alexandra Gheondea-Eladi
in Journal of Community Positive Practices     2015
Abstract

Canonical utility functions and continuous preference extensions
Igor Kopylov
in Journal of Mathematical Economics     2016
Abstract

Application of fuzzy sets in decision analysis for prioritising critical energy infrastructures
Polinpapilinho F. Katina and Resit Unal
in International Journal of Decision Sciences, Risk and Management     2015
Abstract

Utility representation of an incomplete and nontransitive preference relation
Hiroki Nishimura and Efe A. Ok
in Journal of Economic Theory     2016
Abstract

LIMITS OF NEOCLASSICAL UTILITY THEORY AND SOME POSSIBLE WAYS HOW TO OVERCOME THEM
Radim Valencik and Petr Wawrosz
in Economy & Business Journal     2016
Abstract

The transformations of utility theory: a behavioral perspective
Ulrich Witt
in Journal of Bioeconomics     2016
Abstract

Equal Tails: A Simple Method to Elicit Utility Under Violations of Expected Utility
Manel Baucells and Antonio Villasis
in Decision Analysis     2015
Abstract

On the Origin of Utility, Weighting, and Discounting Functions: How They Get Their Shapes and How to Change Their Shapes
Neil Stewart, Stian Reimers and Adam J. L. Harris
in Management Science     2015
Abstract

Decision Making Under Uncertainty When Preference Information Is Incomplete
Benjamin Armbruster and Erick Delage
in Management Science     2015
Abstract

Ambiguity Attitudes in a Large Representative Sample
Stephen G. Dimmock, Roy Kouwenberg and Peter P. Wakker
in Management Science     2016
Abstract

The Rich Domain of Risk
Olivier Armantier and Nicolas Treich
in Management Science     2016
Abstract

Top
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Utility Theory yearly Rankings
Year 2015

Top 2015 institutions in the field of Utility Models & Prospect Theory
(#, (rank), name):

      1. (1,43)   Department of Economics, Harvard University

      2. (4,09)   Department of Economics, Boston University

      3. (4,23)   Faculteit der Economische Wetenschappen,
Erasmus Universiteit Rotterdam


      4. (4,29)   Department of Ec-cs, University of California-San Diego

      5. (6,17)   Paris School of Economics

      6. (7,14)   Department of Economics, Oxford University

      7. (7,88)   Department of Economics, New York University

      8. (7,97)   National Bureau of Economic Research (NBER)

      9. (12,18)   London School of Economics (LSE)

      10. (12,45)   School of Economics, University of Nottingham


Top 2015 authors in the field of Utility Models & Prospect Theory
(#, (rank), name):

      1. (2,30)   Peter P. Wakker    

      2. (3,36)   Larry G. Epstein    

      3. (4,25)   Harry M. Markowitz

      4. (6,23)   Edi Karni    

      5. (8,34)   Glenn W. Harrison    

      6. (11,12)   Andrei Shleifer    

      7. (13,46)   Robert Sugden    

      8. (14,06)   Tim Bollerslev    

      9. (14,16)   Charles F. Manski    

      10. (14,25)   David Easley    


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Utility & Prospect & Decision Theories   Metadata
2. Events
Top
Metadata added/revised in December

K-anonymity: A note on the trade-off between data utility and data security
Tatiana Komarova, Denis Nekipelov, Ahnaf Al Rafi and Evgeny Yakovlev
in Applied Econometrics     2017
Abstract

Rational choice, independent utility and the inclusive classroom
Lisa Saunders
in International Journal of Pluralism and Economics Education     2017
Abstract

Perspectives on Eco Economics. Circular Economy and Smart Economy
Cristina Balaceanu, Doina Maria Tilea and Daniela Penu
in Academic Journal of Economic Studies     2017
Abstract

Assessment of Policy Changes to Means-Tested Age Pension Using the Expected Utility Model: Implication for Decisions in Retirement
Johan G. Andreasson and Pavel V. Shevchenko
in Risks     2017
Abstract

Random expected utility and certainty equivalents: mimicry of probability weighting functions
Nathaniel T. Wilcox
in Journal of the Economic Science Association     2017
Abstract

Heterogeneity in preferences and behavior in threshold models
Philip R Neary and Jonathan Newton
in The Journal of Mechanism and Institution Design     2017
Abstract

Homothetic utility, Roy’s Lemma and consumer’s surplus
Thijs ten Raa
in Economics Letters     2017
Abstract

Probabilistic intertemporal choice
Pavlo R. Blavatskyy
in Journal of Mathematical Economics     2017
Abstract

Perturbed utility and general equilibrium analysis
Wei Ma
in Journal of Mathematical Economics     2017
Abstract

STABILITY OF THE EXPONENTIAL UTILITY MAXIMIZATION PROBLEM WITH RESPECT TO PREFERENCES
Hao Xing
in Mathematical Finance     2017
Abstract

Top
Metadata added/revised in November

Behavioral finance: advances in the last decade
Wesley Mendes-Da-Silva, Newton C. A. da Costa Junior, Lucas Ayres Barros, Manuel Rocha Armada and Jill M. Norvilitis
in RAE - Revista de Administracao de Empresas     2017
Abstract

Single?Crossing Random Utility Models
Jose Apesteguia, Miguel A. Ballester and Jay Lu
in Econometrica     2017
Abstract

On Monotone Recursive Preferences
Antoine Bommier, Asen Kochov and Francois Le Grand
in Econometrica     2017
Abstract

Recursive utility using the stochastic maximum principle
Knut K. Aase
in Quantitative Economics     2017
Abstract

Identification of time and risk preferences in buy price auctions
Daniel Ackerberg, Keisuke Hirano and Quazi Shahriar
in Quantitative Economics     2017
Abstract

Accommodating stake effects under prospect theory
Ranoua Bouchouicha and Ferdinand M. Vieider
in Journal of Risk and Uncertainty     2017
Abstract

Ordinal dominance and risk aversion
Bulat Gafarov and Bruno Salcedo
in Economic Theory Bulletin     2017
Abstract

Axioms for parametric continuity of utility when the topology is coarse
O’Callaghan, Patrick H.
in Journal of Mathematical Economics     2017
Abstract

Approximating exact expected utility via portfolio efficient frontiers
Alessandra Carleo, Francesco Cesarone, Andrea Gheno and Jacopo Maria Ricci
in Decisions in Economics and Finance     2017
Abstract

An axiomatization of continuous quasilinear utility
Yann Rebille
in Decisions in Economics and Finance     2017
Abstract

Testing stochastic rationality and predicting stochastic demand: the case of two goods
Stefan Hoderlein and Jorg Stoye
in Economic Theory Bulletin     2017
Abstract

When experienced and decision utility concur: The case of income comparisons
Andrew Clark, Claudia Senik and Katsunori Yamada
in Journal of Behavioral and Experimental Economics (formerly The Journal of Socio-Economics)     2017
Abstract

Regret theory: A new foundation
Enrico Diecidue and Jeeva Somasundaram
in Journal of Economic Theory     2017
Abstract

On the biological foundation of risk preferences
Roberto Robatto and Balazs Szentes
in Journal of Economic Theory     2017
Abstract

Decision making generalized by a cumulative probability weighting function
Lindomar Soares dos Santos, Natalia Destefano and Alexandre Souto Martinez
in Physica A: Statistical Mechanics and its Applications     2017
Abstract

Effect of Correlation of Brownian Motions on an Investor,s Optimal Investment and Consumption Decision under Ornstein-Uhlenbeck Model
Silas A. Ihedioha, Ben I. Oruh and Bright O. Osu
in Academic Journal of Applied Mathematical Sciences     2017
Abstract

Transaction Utility and Quality Choice
Sajeesh Sajeesh and Song Sang-Young
in Review of Marketing Science     2017
Abstract

Top
Metadata added/revised in October

Optimal Pricing and Order-Up-To S Inventory Policy with Expected Utility of the Present Value Criterion
B.C. Giri
in The Engineering Economist     2015
Abstract

Soft Statistics with Respect to Utility and Application to Human Trafficking
Santanu Acharjee and John N. Mordeson
in New Mathematics and Natural Computation (NMNC)     2017
Abstract

L\'{e}vy Process, Proportional Transaction Costs and Foreign Exchange
Obonye Doctor, Elias R. Offen and Edward M. Lungu
in Journal of Mathematics Research     2017
Abstract

Top
Metadata added/revised in September

Hard evidence and ambiguity aversion
Mehdi Ayouni and Frederic Koessler
in Theory and Decision     2017
Abstract

Response time and utility
Federico Echenique and Kota Saito
in Journal of Economic Behavior & Organization     2017
Abstract

Prospect theory and portfolio selection
Michael J. Best and Robert R. Grauer
in Journal of Behavioral and Experimental Finance     2017
Abstract

Recent developments in the experimental elicitation of time preference
Stephen Cheung
in Journal of Behavioral and Experimental Finance     2017
Abstract

A dual approach to ambiguity aversion
Antoine Bommier
in Journal of Mathematical Economics     2017
Abstract

A strict expected multi-utility theorem
Leandro Gorno
in Journal of Mathematical Economics     2017
Abstract

Ambiguity, optimism, and pessimism in adverse selection models
Raphael Giraud and Lionel Thomas
in Journal of Economic Theory     2017
Abstract

Certain and uncertain utility: A new perspective on financial innovation
Hammad Siddiqi
in Economics Letters     2017
Abstract

Psychophysical foundations of the Cobb–Douglas utility function
Rossella Argenziano and Itzhak Gilboa
in Economics Letters     2017
Abstract

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Metadata added/revised in August

Piecewise linear rank-dependent utility
Craig Webb
in Theory and Decision     2017
Abstract

Asymmetric information in case of decision under risk
Constantin Anghelache, Bodo Gyorgy and Andreea Ioana Marinescu
in Romanian Statistical Review Supplement     2017
Abstract

Metadata added/revised in July

Conditional expected utility
Massimiliano Amarante
in Theory and Decision     2017
Abstract

How much are you Willing to Pay to Play the Saint Petersburg Gamble?
Samih Antoine Azar
in International Journal of Financial Economics     2017
Abstract

The Case of “Less is More”: Modelling Risk-Preference with Expected Downside Risk
Mihaly Ormos and Timotity Dusan
in The B.E. Journal of Theoretical Economics     2017
Abstract

Developments of the total entropy utility function for the dual purpose of model discrimination and parameter estimation in Bayesian design
J.M. McGree
in Computational Statistics & Data Analysis     2017
Abstract

Ecological utility theory: Solving a series convergence issue
C. Kazanci and M.R. Adams
in Ecological Modelling     2017
Abstract

Metadata added/revised in June

Testing independence conditions in the presence of errors and splitting effects
Michael H. Birnbaum, Ulrich Schmidt and Miriam D. Schneider
in Journal of Risk and Uncertainty     2017
Abstract

Using Fuzzy Probability Weights in Cumulative Prospect Theory
Uzga-Rebrovs Olegs and Kulesova Galina
in Information Technology and Management Science     2017
Abstract

Top
Metadata added/revised in May

A new approach of stochastic dominance for ranking transformations on the discrete random variable
Jianwei Gao and Feng Zhao
in Economics - The Open-Access, Open-Assessment E-Journal     2017
Abstract

Comparing uncertainty aversion towards different sources
Aurelien Baillon, Ning Liu and Dennie van Dolder
in Theory and Decision     2017
Abstract

Skewed noise
David Dillenberger and Uzi Segal
in Journal of Economic Theory     2017
Abstract

Afriat in the lab
Paul van Bruggen and Jan Heufer
in Journal of Economic Theory     2017
Abstract

Subjective mean–variance preferences without expected utility
Xiangyu Qu
in Mathematical Social Sciences     2017
Abstract

Risk taking with background risk under recursive rank-dependent utility
David Freeman
in Mathematical Social Sciences     2017
Abstract

Identities for maximum, minimum, and maxmin random utility models
Andre de Palma and Karim Kilani
in Economics Letters     2017
Abstract

UTILITY MAXIMIZATION WITH RANDOM HORIZON: A BSDE APPROACH
Monique Jeanblanc, Thibaut Mastrolia, Dylan Possamai and Anthony Reveillac
in International Journal of Theoretical and Applied Finance (IJTAF)     2017
Abstract

Top
Metadata added/revised in April

DECISION MAKING AND SAINT PETERSBURG PARADOX: FOCUSING ON HEURISTIC PARAMETERS, CONSIDERING THE NON-ERGODIC CONTEXT AND THE GAMBLING RISKS
Antonio Cappiello
in RIEDS - Rivista Italiana di Economia, Demografia e Statistica - Italian Review of Economics, Demography and Statistics     2016
Abstract

Double Helix Value Functions, Ordinal/Cardinal Approach, Additive Utility Functions, Multiple Criteria, Decision Paradigm, Process, and Types (Z Theory I)
Behnam Malakooti
in International Journal of Information Technology & Decision Making (IJITDM)     2017
Abstract

Diminishing Utility Decision Model for Weighting Criteria
Jih-Jeng Huang and Masahiro Inuiguchi
in International Journal of Information Technology & Decision Making (IJITDM)     2017
Abstract

Multi-Attribute Decision Making in a Bidding Game with Imperfect Information and Uncertainty
Ziho Kang and Thomas Morin
in International Journal of Information Technology & Decision Making (IJITDM)     2016
Abstract

New characterizations of increasing risk
David P. Brown
in Journal of Mathematical Economics     2017
Abstract

Expected utility with uncertain probabilities theory
Yehuda Izhakian
in Journal of Mathematical Economics     2017
Abstract

The nonconcavity of money-metric utility: A new formulation and proof
M. Ali Khan and Edward Schlee
in Economics Letters     2017
Abstract

Wagering on more than one outcome in an event in Cumulative Prospect Theory and Rank Dependent Utility
David Peel
in Economics Letters     2017
Abstract

Deriving attribute utilities from mental representations of complex decisions
Benedict Dellaert, Theo Arentze, Oliver Horeni and Harry J.P. Timmermans
in Journal of choice mod     2017
Abstract

Expected utility for nonstochastic risk
Victor Ivanenko and Illia Pasichnichenko
in Mathematical Social Sciences     2017
Abstract

Scoring rules for subjective probability distributions
Glenn Harrison, Jimmy Martinez-Correa, J. Todd Swarthout and Eric Ulm
in Journal of Economic Behavior & Organization     2017
Abstract

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Metadata added/revised in March

Multiple Attribute Group Decision Making Method Based on Utility Theory Under Interval-Valued Intuitionistic Fuzzy Environment
Fangwei Zhang and Shihe Xu
in Group Decision and Negotiation     2016
Abstract

Consensus Measure with Multi-stage Fluctuation Utility Based on China’s Urban Demolition Negotiation
Zaiwu Gong, Chao Xu, Francisco Chiclana and Xiaoxia Xu
in Group Decision and Negotiation     2017
Abstract

Uncertain expected utility function and its risk premium
Xiaowei Chen and Gyei-Kark Park
in Journal of Intelligent Manufacturing     2017
Abstract

Very Low Probabilities in the Loss Domain
Narges Hajimoladarvish
in The Geneva Papers on Risk and Insurance Theory     2017
Abstract

A remark on discontinuous games with asymmetric information and ambiguity
Wei He and Nicholas C. Yannelis
in Economic Theory Bulletin     2017
Abstract

What can multiple price lists really tell us about risk preferences?
Andreas Drichoutis and Jayson Lusk
in Journal of Risk and Uncertainty     2016
Abstract

Ordinal One-Switch Utility Functions
Ali E. Abbas and David E. Bell
in Operations Research     2015
Abstract

Intertemporal Uncertainty Avoidance: When the Future Is Uncertain, People Prefer the Present, and When the Present Is Uncertain, People Prefer the Future
David J. Hardisty and Jeffrey Pfeffer
in Management Science     2017
Abstract

Discounted Utility and Present Value—A Close Relation
Han Bleichrodt, Umut Keskin, Kirsten I. M. Rohde, Vitalie Spinu and Peter Wakker
in Operations Research     2015
Abstract

Bounded, Sigmoid Utility for Insurance Applications
Gao Siwei and Powers Michael R.
in Asia-Pacific Journal of Risk and Insurance     2017
Abstract

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Metadata added/revised in February

A Characterization of the Optimal Certainty Equivalent of the Average Cost via the Arrow-Pratt Sensitivity Function
Rolando Cavazos-Cadena and Daniel Hernandez-Hernandez
in Mathematics of Operations Research     2016
Abstract

Local Utility and Multivariate Risk Aversion
Arthur Charpentier, Alfred Galichon and Marc Henry
in Mathematics of Operations Research     2016
Abstract

A minimal extension of Bayesian decision theory
Ken Binmore
in Theory and Decision     2016
Abstract

A belief-based definition of ambiguity aversion
Xiangyu Qu
in Theory and Decision     2015
Abstract

Facelifting in utility maximization
Kasper Larsen, Halil Soner and Gordan Zitkovic
in Finance and Stochastics     2016
Abstract

Developments in non-expected utility theories: an empirical study of risk aversion
Dorsaf Ben Aissia
in Journal of Economics and Finance     2016
Abstract

The effects of uncertainty on the WTA–WTP gap
Robert Reilly and Douglas Davis
in Theory and Decision     2015
Abstract

Expected utility without full transitivity
Walter Bossert and Kotaro Suzumura
in Social Choice and Welfare     2015
Abstract

A preference model for choice subject to surprise
Simon Grant and John Quiggin
in Theory and Decision     2015
Abstract

Utility maximization with current utility on the wealth: regularity of solutions to the HJB equation
Salvatore Federico, Paul Gassiat and Fausto Gozzi
in Finance and Stochastics     2016
Abstract

Travel mode choice and travel satisfaction: bridging the gap between decision utility and experienced utility
Jonas De Vos, Patricia Mokhtarian, Tim Schwanen, Veronique Van Acker and Frank Witlox
in Transportation     2016
Abstract

Maxmin weighted expected utility: a simpler characterization
Joseph Halpern and Samantha Leung
in Theory and Decision     2016
Abstract

Nash was a first to axiomatize expected utility
Han Bleichrodt, Chen Li, Ivan Moscati and Peter Wakker
in Theory and Decision     2016
Abstract

Loss Modification Incentives for Insurers Under Expected Utility and Loss Aversion
Adriaan Soetevent and Liting Zhou
in De Economist     2016
Abstract

Preserving the Rothschild–Stiglitz type increase in risk with background risk: A characterization
Michel M. Denuit and Mhamed Mesfioui
in Insurance: Mathematics and Economics     2017
Abstract

Awareness of unawareness: A theory of decision making in the face of ignorance
Edi Karni and Marie-Louise Viero
in Journal of Economic Theory     2017
Abstract

UP-GNIV: an expeditious high utility pattern mining algorithm for itemsets with negative utility values
Kannimuthu Subramanian and Premalatha Kandhasamy
in International Journal of Information Technology and Management     2015
Abstract

Utility Theory of General Lotteries
Vladimir Danilov
in Journal of the New Economic Association     2016
Abstract

Consistent modeling of risk averse behavior with spectral risk measures: Wachter/Mazzoni revisited
Mario Brandtner and Wolfgang Kursten
in European Journal of Operational Research     2017
Abstract

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Metadata added/revised in January

Credibilistic risk aversion and prudence
Irina Georgescu and Jani Kinnunen
in International Journal of Business Innovation and Research     2016
Abstract

Strong Nash equilibrium in games with common and complementary local utilities
Nikolai Kukushkin
in Journal of Mathematical Economics     2017
Abstract

The Welfare Cost of Inflation Risk Under Imperfect Insurance
Yann Algan, Olivier Allais, Edouard Challe and Xavier Ragot
from Sciences Po     2016
Abstract

Risk Appetite
Edina Berlinger and Kata Varadi
in Public Finance Quarterly     2015
Abstract

The effects of age pension on retirement drawdown choices
Osei K. Wiafe, Anup K. Basu and John Chen
in Finance Research Letters     2017
Abstract

Precautionary saving: A taxonomy of prudence
Marcos Vergara
in Economics Letters     2017
Abstract

Variance-component-based nested logit specifications: Improved formulation, and practical microsimulation of random disturbance terms
David S. Bunch and David M. Rocke
in Journal of choice modelling     2016
Abstract

Kuhn’s Theorem for extensive form Ellsberg games
Igor Muraviev, Frank Riedel and Linda Sass
in Journal of Mathematical Economics     2017
Abstract

Asymmetric reaction is rational behavior
Philip A. Horvath and Amit K. Sinha
in Journal of Economics and Finance     2017
Abstract

UNDERSTANDING HOW PEOPLE DECIDE: DECISION-MAKING THEORIES AS MENTAL REPRESENTATIONS
Alexandra Gheondea-Eladi
in Journal of Community Positive Practices     2015
Abstract

Top
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Metadata added/revised in 2016 Undated

Canonical utility functions and continuous preference extensions
Igor Kopylov
in Journal of Mathematical Economics     2016
Abstract

Utility representation of an incomplete and nontransitive preference relation
Hiroki Nishimura and Efe A. Ok
in Journal of Economic Theory     2016
Abstract

Consumption optimization for recursive utility in a jump-diffusion model
Fabio Antonelli and Carlo Mancini
in Decisions in Economics and Finance     2016
Abstract

An expected utility theory for state-dependent preferences
Edi Karni and David Schmeidler
in Theory and Decision     2016
Abstract

LIMITS OF NEOCLASSICAL UTILITY THEORY AND SOME POSSIBLE WAYS HOW TO OVERCOME THEM
Radim Valencik and Petr Wawrosz
in Economy & Business Journal     2016
Abstract

The transformations of utility theory: a behavioral perspective
Ulrich Witt
in Journal of Bioeconomics     2016
Abstract

Equal Tails: A Simple Method to Elicit Utility Under Violations of Expected Utility
Manel Baucells and Antonio Villasis
in Decision Analysis     2015
Abstract

On the Origin of Utility, Weighting, and Discounting Functions: How They Get Their Shapes and How to Change Their Shapes
Neil Stewart, Stian Reimers and Adam J. L. Harris
in Management Science     2015
Abstract

Decision Making Under Uncertainty When Preference Information Is Incomplete
Benjamin Armbruster and Erick Delage
in Management Science     2015
Abstract

The Rich Domain of Risk
Olivier Armantier and Nicolas Treich
in Management Science     2016
Abstract

Eliciting Prospect Theory When Consequences Are Measured in Time Units: “Time Is Not Money”
Mohammed Abdellaoui and Emmanuel Kemel
in Management Science     2014
Abstract

A generalized probability framework to model economic agents' decisions under uncertainty
Emmanuel Haven and Sandro Sozzo
in International Review of Financial Analysis     2016
Abstract

Risky Curves: On the empirical failure of expected utility theory, Daniel Friedman, R. Mark Isaac, Duncan James and Shyam Sunder. Routledge, 2014, xiii + 137 pages
Catherine Eckel
in Economics and Philosophy     2016
Abstract

UTILITY MAXIMIZATION UNDER MODEL UNCERTAINTY IN DISCRETE TIME
Marcel Nutz
in Mathematical Finance     2016
Abstract

A monotone model of intertemporal choice
Pavlo R. Blavatskyy
in Economic Theory     2016
Abstract

A theory of robust experiments for choice under uncertainty
S. Grant, J. Kline, I. Meneghel, John Quiggin and R. Tourky
in Journal of Economic Theory     2016
Abstract

Weighted Almost Stochastic Dominance: Revealing the Preferences of Most Decision Makers in the St. Petersburg Paradox
Chin Hon Tan
in Decision Analysis     2015
Abstract

Lexicographic expected utility without completeness
Dino Borie
in Theory and Decision     2016
Abstract

Формализация теории «Функционального» субъективного потребительского поведения
Селиверстов Ярослав Александрович
in Вестник Томского государственного университета. Экономика     2016
Abstract

Stochastic Choice and Revealed Perturbed Utility
Drew Fudenberg, Ryota Iijima and Tomasz Strzalecki
in Econometrica     2015
Abstract

Measuring Discounting without Measuring Utility
Arthur Attema, Han Bleichrodt, Yu Gao, Zhenxing Huang and Peter P. Wakker
in American Economic Review     2016
Abstract

A test for risk-averse expected utility
Christopher P. Chambers, Ce Liu and Seung-Keun Martinez
in Journal of Economic Theory     2016
Abstract

Developments in non-expected utility theories: an empirical study of risk aversion
Dorsaf Ben Aissia
in Journal of Economics and Finance     2016
Abstract

A minimal extension of Bayesian decision theory
Ken Binmore
in Theory and Decision     2016
Abstract

Retrospectives: How Economists Came to Accept Expected Utility Theory: The Case of Samuelson and Savage
Ivan Moscati
in Journal of Economic Perspectives     2016
Abstract

Conditional preference orders and their numerical representations
Samuel Drapeau and Asgar Jamneshan
in Journal of Mathematical Economics     2016
Abstract

Expected utility theory and inner and outer measures of loss aversion
G. Charles-Cadogan
in Journal of Mathematical Economics     2016
Abstract

Harsanyi’s theorem without the sure-thing principle: On the consistent aggregation of Monotonic Bernoullian and Archimedean preferences
Stephane Zuber
in Journal of Mathematical Economics     2016
Abstract

Risk aversion with two risks: A theoretical extension
Jingyuan Li, Dongri Liu and Jianli Wang
in Journal of Mathematical Economics     2016
Abstract

Diminishing Utility Decision Model for Weighting Criteria
Jih-Jeng Huang and Masahiro Inuiguchi
in International Journal of Information Technology & Decision Making (IJITDM)     2015
Abstract

Double rank dependent expected utility (DRDEU) model in individual judgments
Yenalyev Maxim Mihailovich
in European journal of economics and management sciences     2015
Abstract

Allais, Ellsberg, and preferences for hedging
Mark Dean and Pietro Ortoleva
in Theoretical Economics     2016
Abstract

On continuous multi-utility representations of semi-closed and closed preorders
Gianni Bosi and Gerhard Herden
in Mathematical Social Sciences     2016
Abstract

Where Utility Functions Do Not Exist - A Note on Lexicographic Orders
Jayanth Varma
from Indian Institute of Management Ahmedabad, Research and Publication Department    
Abstract

The Existence and Continuity of Utility Functions: A New Proof
Jayanth Varma
from Indian Institute of Management Ahmedabad, Research and Publication Department     2015
Abstract

Coalitional Fairness and Distortion of Utilities
Somdeb Lahiri
from Indian Institute of Management Ahmedabad, Research and Publication Department     2015
Abstract

Utility Theory and Participation in Unfair Lotteries
Patel Nitin R and Subrahmanyam M G
from Indian Institute of Management Ahmedabad, Research and Publication Department     2015
Abstract

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Metadata added/revised in 2015 Undated

Equilibrium theory under ambiguity
Wei He and Nicholas C. Yannelis
in Journal of Mathematical Economics     2015
Abstract

The probability premium: A graphical representation
Louis R. Eeckhoudt and Roger Laeven
in Economics Letters     2015
Abstract

Mean-variance utility
Yutaka Nakamura
in Journal of Economic Theory     2015
Abstract

The effect of choice set misspecification on welfare measures in random utility models
Lianhua Li, Wiktor Adamowicz and Joffre Swait
in Resource and Energy Economics     2015
Abstract

Sample size and utility-difference precision in discrete-choice experiments: A meta-simulation approach
Jui-Chen Yang, F. Reed Johnson, Vikram Kilambi and Ateesha F. Mohamed
in Journal of choice modelling     2015
Abstract

Is There One Unifying Concept of Utility?An Experimental Comparison of Utility Under Risk and Utility Over Time
Mohammed Abdellaoui, Han Bleichrodt, Olivier L'Haridon and Corina Paraschiv
from HAL     2013
Abstract

Certain and Uncertain Utility and Insurance Demand: Results From a Framed Field Experiment in Burkina Faso
Elena Serfilippi, Michael Carter and Catherine Guirkinger
from International Association of Agricultural Economists     2015
Abstract

Stability of probability effects in utility elicitation
Birgit Lohndorf, Anna-Lena Sachs and Rudolf Vetschera
in Central European Journal of Operations Research     2014
Abstract

A belief-based definition of ambiguity aversion
Xiangyu Qu
in Theory and Decision     2015
Abstract

Piecewise additivity for non-expected utility
Craig Webb
in Economic Theory     2015
Abstract

A theoretical foundation for the undercut-proof equilibrium
Martin C. Byford
in Journal of Economic Theory     2015
Abstract

Hurwicz expected utility and subjective sources
Ejaz Gul and Wolfgang Pesendorfer
in Journal of Economic Theory     2015
Abstract

The utility premium of Friedman and Savage, comparative risk aversion, and comparative prudence
James Huang and Richard Stapleton
in Economics Letters     2015
Abstract

Estimating conditional certainty equivalents using choice-experiment data
Juan Marcos Gonzalez, A. Brett Hauber and F. Reed Johnson
in Journal of choice modelling     2015
Abstract

Risk-Taking-Neutral Background Risk
Gunter Franke, Harris Schlesinger and Richard C. Stapleton
from CESifo Group Munich     2013
Abstract

A New Approach to Utility Function
Catalin Angelo Ioan
in Acta Universitatis Danubius. OEconomica     2015
Abstract

Risk pricing in a non-expected utility framework
Gebhard Geiger
in European Journal of Operational Research     2015
Abstract

A Trojan Horse for Sociology? Preferences versus Evolution and Morality
Geoffrey M. Hodgson
in Review of Behavioral Economics     2015
Abstract

On continuous utility
Wilhellm Neuefeind
from Universite catholique de Louvain, Center for Operations Research and Econometrics (CORE)     2015
Abstract

Continuity of the expected utility
Freddy Delbaen
from Universite catholique de Louvain, Center for Operations Research and Econometrics (CORE)     2015
Abstract

Axiomatic theories of choice, cardinal utility and subjective probability: A review
Jacques H. Dreze
from Universite catholique de Louvain, Center for Operations Research and Econometrics (CORE)     2015
Abstract

H. H. Gossen – Half-Forgotten Personalities of Economic Though
Pavel Sirucek
in Acta Oeconomica Pragensia     2015
Abstract

Beyond Utility: Providing a Moral Foundation for Capitalism
Jared Meyer
in Journal of Private Enterprise     2015
Abstract

Ambiguity and Nonexpected Utility
Edi Kami, Fabio Maccheroni and Massimo Marinacci
Chapter 17 in Handbook of Game Theory with Economic Applications     2015
Abstract

On preference imprecision
Robin Cubitt, Daniel Navarro-Martinez and Chris Starmer
in Journal of Risk and Uncertainty     2015
Abstract

Time and No Lotteries: An Axiomatization of Maxmin Expected Utility
Asen Kochov
in Econometrica     2015
Abstract

Cautious Expected Utility and the Certainty Effect
Simone Cerreia?Vioglio, David Dillenberger and Pietro Ortoleva
in Econometrica     2015
Abstract

A discontinuous mispricing model under asymmetric information
Winston S. Buckley and Hongwei Long
in European Journal of Operational Research     2015
Abstract

Entropy Man
John Bryant
in Books from Economic Consultancy, Vocat International     2015
Abstract

Choice theory when agents can randomize
Jorg Stoye
in Journal of Economic Theory     2015
Abstract

Bayesian estimation of random utility models
Peter Lenk
Chapter 20 in Handbook of Choice Modelling     2014
Abstract

Do Respondents Adjust Their Expected Utility in the Presence of an Outcome Certainty Attribute in a Choice Experiment?
John Rolfe and Jill Windle
in Environmental & Resource Economics     2015
Abstract

To bet or not to bet? Decision-making under risk in non-human primates
Pele M., Broihanne M., Thierry B., Call J. and Dufour V.
in Journal of Risk and Uncertainty     2014
Abstract

Testing for independence while allowing for probabilistic choice
Graham Loomes and Ganna Pogrebna
in Journal of Risk and Uncertainty     2014
Abstract

General dual measures of riskiness
Klaas Schulze
in Theory and Decision     2015
Abstract

The effects of uncertainty on the WTA–WTP gap
Robert Reilly and Douglas Davis
in Theory and Decision     2015
Abstract

Handbook of the Fundamentals of Financial Decision Making:In 2 Parts
Edited by Leonard C MacLean and William T Ziemba
in World Scientific Books from World Scientific Publishing Co. Pte. Ltd.     2013
Abstract

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Year 2014

Top 2014 institutions in the field of Utility Models & Prospect Theory
(#, (rank), name):

      1. (1,46)   Department of Economics, Harvard University    

      2. (3,29)   Department of Economics, Boston University    

      3. (3,40)   Faculteit der Economische Wetenschappen,
Erasmus Universiteit Rotterdam


      4. (3,57)   Department of Economics, Oxford University    

      5. (4,93)   Department of Economics, University of California-San Diego

      6. (5,48)   Paris School of Economics    

      7. (5,73)   National Bureau of Economic Research (NBER)    

      8. (12,20)   Toulouse School of Economics (TSE)    

      9. (14,52)   London School of Economics (LSE)    

      10. (14,65)   Anderson Graduate School of Management, University of California-Los Angeles (UCLA)    


Top 2014 authors in the field of Utility Models & Prospect Theory
(#, (rank), name):

      1. (1,56)   Peter P. Wakker    

      2. (2,88)   Larry G. Epstein    

      3. (5,48)   Harry M. Markowitz

      4. (7,50)   Andrei Shleifer    

      5. (8,32)   Peter E. Rossi    

      6. (9,43)   Edi Karni    

      7. (9,68)   Robert Sugden    

      8. (10,25)   Charles F. Manski    

      9. (11,24)   Glenn W. Harrison    

      10. (11,80)   Colin Camerer    



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3. Utility Problems & Paradoxes (more)
The Allais paradox (modified)

Suppose Mr. Somebody offers you a choice of only one of the following:
A guaranteed gain of $99.
Or
A lottery:
The gain of $100 with the probability P(preliminary) = 99%
or
$0 with the (preliminary) probability 1%.

The mathematical expectations of guarantee and lottery outcomes are exactly the same. But people chose the guaranteed gain instead of the lottery.


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Gains and Losses

Compare two experiments:

1) Mr. Somebody offers you a choice of only one of the following:
A guaranteed gain of $99.
Or
A lottery:
The gain of $100 with the probability P(preliminary) = 99%
or
$0 with the (preliminary) probability 1%.


2) Mr. Somebody offers you a choice of only one of the following:
A guaranteed loss of $99.
Or
A lottery:
The loss of $100 with the probability P(preliminary) = 99%
or
$0 with the (preliminary) probability 1%.


The mathematical expectations of the guarantee and lottery outcomes are exactly the same in both experiments. But in similar experiments, the overwhelming majority of people chose:
- in the case of gains - the guaranteed gain instead of the lottery one.
- in the case of losses - the lottery loss instead of the guaranteed one.
The possible well-known "natural and clear explanation" of gains in the Allais paradox by means of risk aversion cannot supply any uniform explanation for both gains and losses. The result of this explanation is gains' risk aversion and losses' risk seeking.


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Overweighting of low Probabilities

Suppose Mr. Somebody offers you a choice of only one of the following:
A guaranteed gain of $1.
Or
A lottery:
The gain of $100 with the probability P(preliminary) = 1%
or
$0 with the (preliminary) probability 1%.

The mathematical expectations of guarantee and lottery outcomes are exactly the same. But the well-determined experimental fact is: in similar experiments the obvious majority of people chose the lottery instead of the guaranteed gain.


Four-Fold-Pattern

The well-determined facts are:
For positive (gains) risky prospects, people typically
        1) overweight low probabilities but
        2) underweight high probabilities.
For negative (losses) risky prospects, people typically
        3) underweight low probabilities but
        4) overweight high probabilities.
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4. New Approach (more)    
The idea of the approach

Particular consideration of (hidden) uncertainties
(noises, fluctuations, measurements' errors, imprecision, etc.)

Principle of Uncertain Future
(simplified as much as possible)
The principle

The probability of a future event contains uncertainty.

4.1. The first consequence of the principle

Suppose we plan to test the probability value, which is equal to 99%.
Suppose the probability uncertainty value is equal to 5%.
Then, evidently, the real mean value of probability cannot be as high as 99%.
Generally,
High probabilities will decrease.
Phigh real < Phigh planned
Analogously, but considering the second consequence of the principle (see below),
Low probabilities can increase.
Plow real possible > Plow planned

4.2. The second consequence of the principle

The total probability of unforeseen future events
is more than 0%

Σ Punforeseen real > 0%
Hence,
The present total probability of future events
is less than 100%

Σ Pplanned < 100%
or
The present probability system of future events
is incomplete.


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5. Solution of Problems (more)    

The strongest qualitative test is the 4-Fold-Pattern.

Solution & Explanation
of the 4-Fold-Pattern
(simplified as much as possible)

The well-determined facts are:
For positive (gains) risky prospects, people typically
        1) overweight low probabilities but
        2) underweight high probabilities.
For negative (losses) risky prospects, people typically
        3) underweight low probabilities but
        4) overweight high probabilities.

Denoting the real value of probability,
which value is near 100% as Phigh real ,
the (positive) value of gain as G
and the (negative) value of loss as -G ,
we obtain
Phigh real < Phigh planned

and
G * Phigh real < G * Phigh planned

-G * Phigh real > -G * Phigh planned

        2) the underweight of high probabilities gains and
        4) the overweight of high probabilities losses.
Denoting the real value of probability,
which value is near 0% as Plow real possible
we obtain
Plow real possible > Plow planned

and
G * Plow real possible > G * Plow planned

-G * Plow real possible < -G * Plow planned

        1) the overweight of low probabilities gains and
        3) the underweight of low probabilities losses.
Thus, the above facts can be explained naturally and uniformly.


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Copyright ® Alexander Harin