The sure-thing principle and the comonotonic sure-thing principle: An axiomatic analysis
December 1996
Article
volume 25, issue 2 pp 213-227.
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This paper compares classical expected utility with the more general rank-dependent utility models. It shows that the difference between the sure-thing principle for preferences of expected utility and its comonotonic generalization in rank-dependent utility provides the exact demarcation between expected utility and rank-dependent models.
Keywords
Classifications using
Journal of Economic Literature (JEL) Classification System
- C60 : Mathematical Methods and Programming: General
- D81 : Criteria for Decision-Making under Risk and Uncertainty
Automatically Extracted Terms
- utility
- sure-thing principle
- wakker
- principle
- sure-thing
- comonotonic sure-thing principle
- gamble
- rank-dependent utility
- rank-dependent
- theory
- event
- decision
- result
- representation
- outcome
- journal
- probability
- theorem
- economic
- comonotonic
