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Contents (in new windows)
1. Utility Theory Metadata News 2. Utility Theory Metadata. Events: June May April March February January December November October September August July 2017 Undated 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 (2020 quarter 2)
Probabilistic sophistication without completeness Edi Karni in Journal of Mathematical Economics 2020 Abstract A test of the relevant association between utility theory and subjective risk tolerance: Introducing the Profit-to-Willingness ratio Wookjae Heo, John E. Grable and Abed G. Rabbani in Journal of Behavioral and Experimental Finance 2020 Abstract Risk aversion, prudence and temperance: It is a matter of gap between moments Annarita Colasante and Luca Riccetti in Journal of Behavioral and Experimental Finance 2020 Abstract Dynamically consistent alpha-maxmin expected utility Patrick Beissner, Qian Lin and Frank Riedel in Mathematical Finance 2020 Abstract Conditional non-expected utility preferences induced by mixture of lotteries: a note on the normative invalidity of expected utility theory Gebhard Geiger in Annals of Operations Research 2020 Abstract Modelling subjective utility through entropy Manish Aggarwal in Journal of the Operational Research Society 2020 Abstract Subjective expected utility with imperfect perception Marcus Pivato and Vassili Vergopoulos in Journal of Mathematical Economics 2020 Abstract A decision model based on expected utility, entropy and variance Irene Brito in Applied Mathematics and Computation 2020 Abstract Beyond expected utility: Subjective risk aversion and optimal portfolio choice under convex shortfall risk measures Mario Brandtner, Wolfgang Kursten and Robert Rischau in European Journal of Operational Research 2020 Abstract Eliciting utility curvature in time preference Stephen Cheung in Experimental Economics 2020 Abstract Resolving Zeckhauser’s paradox Yudi Pawitan and Gabriel Isheden in Theory and Decision 2020 Abstract Risk, ambiguity, and Giffen assets Joshua Lanier in Journal of Economic Theory 2020 Abstract On the robustness of indeterminacy in subjective probability Soo Hong Chew and Wenqian Wang in Economics Letters 2020 Abstract Savage for dummies and experts Mohammed Abdellaoui and Peter Wakker in Journal of Economic Theory 2020 Abstract Top
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Utility & Prospect & Decision Theories Metadata
2. Events Metadata added/revised in June
Composite hedge and utility maximization for optimal futures hedging Yan Cui and Yun Feng in International Review of Economics & Finance 2020 Abstract Asymptotic analysis of the expected utility maximization problem with respect to perturbations of the numeraire Oleksii Mostovyi in Stochastic Processes and their Applications 2020 Abstract Probabilistic sophistication without completeness Edi Karni in Journal of Mathematical Economics 2020 Abstract A test of the relevant association between utility theory and subjective risk tolerance: Introducing the Profit-to-Willingness ratio Wookjae Heo, John E. Grable and Abed G. Rabbani in Journal of Behavioral and Experimental Finance 2020 Abstract Risk aversion, prudence and temperance: It is a matter of gap between moments Annarita Colasante and Luca Riccetti in Journal of Behavioral and Experimental Finance 2020 Abstract Dynamically consistent alpha-maxmin expected utility Patrick Beissner, Qian Lin and Frank Riedel in Mathematical Finance 2020 Abstract Conditional non-expected utility preferences induced by mixture of lotteries: a note on the normative invalidity of expected utility theory Gebhard Geiger in Annals of Operations Research 2020 Abstract Modelling subjective utility through entropy Manish Aggarwal in Journal of the Operational Research Society 2020 Abstract Top
Metadata added/revised in May
Asymmetric noise and systematic biases: A new look at the Trade-Off method Thibault Richard and Valentin Baudin in Economics Letters 2020 Abstract Non-Archimedean preferences over countable lotteries Jeffrey Sanford Russell in Journal of Mathematical Economics 2020 Abstract Subjective expected utility with imperfect perception Marcus Pivato and Vassili Vergopoulos in Journal of Mathematical Economics 2020 Abstract A decision model based on expected utility, entropy and variance Irene Brito in Applied Mathematics and Computation 2020 Abstract Beyond expected utility: Subjective risk aversion and optimal portfolio choice under convex shortfall risk measures Mario Brandtner, Wolfgang Kursten and Robert Rischau in European Journal of Operational Research 2020 Abstract Eliciting utility curvature in time preference Stephen Cheung in Experimental Economics 2020 Abstract Resolving Zeckhauser’s paradox Yudi Pawitan and Gabriel Isheden in Theory and Decision 2020 Abstract Risk, ambiguity, and Giffen assets Joshua Lanier in Journal of Economic Theory 2020 Abstract On the robustness of indeterminacy in subjective probability Soo Hong Chew and Wenqian Wang in Economics Letters 2020 Abstract Savage for dummies and experts Mohammed Abdellaoui and Peter Wakker in Journal of Economic Theory 2020 Abstract Top
Metadata added/revised in April
Willingness to pay for freight travel time savings: contrasting random utility versus random valuation Boris Goenaga and Victor Cantillo in Transportation 2020 Abstract Topologies for semicontinuous Richter–Peleg multi-utilities Gianni Bosi, Asier Estevan and Armajac Raventos-Pujol in Theory and Decision 2020 Abstract Top
Metadata added/revised in March
A simplified approach to subjective expected utility Lorenzo Stanca in Journal of Mathematical Economics 2020 Abstract Utilitarianism with and without expected utility David McCarthy, Kalle Mikkola and Teruji Thomas in Journal of Mathematical Economics 2020 Abstract Risk attitudes over small and large stakes recalibrated Eduardo Zambrano in Economics Letters 2020 Abstract Non-stationary additive utility and time consistency Nicolas Drouhin in Journal of Mathematical Economics 2020 Abstract Testing the Random Utility Hypothesis Directly William McCausland, Clintin Davis-Stober, Marley Aaj, Sanghyuk Park and Nicholas Brown in Economic Journal 2020 Abstract The normative decision theory in economics: a philosophy of science perspective. The case of the expected utility theory Magdalena Malecka in Journal of Economic Methodology 2020 Abstract Top
Metadata added/revised in February
Ivan Moscati, Measuring Utility: From the Marginal Revolution to Behavioral Economics, Oxford Studies in the History of Economics (New York: Oxford University Press, 2018), pp. 344, $34.95 (paperback). ISBN: 9780199372775 Bert Mosselmans in Journal of the History of Economic Thought 2020 Abstract Subjective expected utility with a spectral state space Marcus Pivato in Economic Theory 2020 Abstract Expected discounted utility Pavlo Blavatskyy in Theory and Decision 2020 Abstract Decision Making and Games with Vector Outcomes Park Jaeok in The B.E. Journal of Theoretical Economics 2020 Abstract Top
Metadata added/revised in January
Elicitation and modelling of imprecise utility of health states Michal Jakubczyk and Dominik Golickiin Theory and Decision 2020 Abstract Editorial: Foundations of Utility and Risk Conference (FUR 2018) John D. Hey and Chris Starmer in Theory and Decision 2020 Abstract Transferable utility and demand functions Pierre-Andre Chiappori and Elisabeth Gugl in Theoretical Economics 2020 Abstract Prospective gain-loss utility: Ordered versus separated comparison Michaela Pagel in Journal of Economic Behavior & Organization 2019 Abstract Lagged beliefs and reference-dependent utility Alec Smith in Journal of Economic Behavior & Organization 2019 Abstract Future plans and errors Pavlo Blavatskyy in Mathematical Social Sciences 2019 Abstract Measuring utility: from the marginal revolution to behavioral economics Lukas Beck and Anna Alexandrova in Journal of Economic Methodology 2019 Abstract Measuring utility: from the marginal revolution to behavioral economics Itzhak Gilboa in Journal of Economic Methodology 2019 Abstract Measuring Utility without ‘externalist fallacies’: a response to Alexandrova and Beck, Boumans, and Gilboa Ivan Moscati in Journal of Economic Methodology 2020 Abstract Pure rank preferences and variation in risk-taking behavior Oded Stark, Wiktor Budzinski and Marcin Jakubek in Economics Letters 2019 Abstract Top
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Year 2017
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 Top
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 Top
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Metadata added/revised in 2017 Undated
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 Skewed noise David Dillenberger and Uzi Segal 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 Expected utility with uncertain probabilities theory Yehuda Izhakian in Journal of Mathematical Economics 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 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 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 minimal extension of Bayesian decision theory Ken Binmore in Theory and Decision 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 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 Utility Theory of General Lotteries Vladimir Danilov in Journal of the New Economic Association 2016 Abstract Risk Appetite Edina Berlinger and Kata Varadi in Public Finance Quarterly 2015 Abstract Precautionary saving: A taxonomy of prudence Marcos Vergara in Economics Letters 2017 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 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 Top
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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 Top
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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 Top
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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. Top
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. Top
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. Top
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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. Top
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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. Top
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