1994-12-01
The Axiomatic Basis of Anticipated Utility: A Clarification
Publication
Publication
Journal of Economic Theory , Volume 64 - Issue 2 p. 486- 499
Quiggin (J. Econ. Behav. Organization3 (1982), 323-345) introduced anticipated ("rank-dependent") utility theory into decision making under risk. Questions have been raised about mathematical aspects of Quiggin′s analysis. This paper settles these questions and shows that a minor modification of Quiggin′s axioms leads to a useful and correct result, with features not found in other recent axiomatizations.
| Additional Metadata | |
|---|---|
| axiomatization, decision making, risk, utility theory | |
| Criteria for Decision-Making under Risk and Uncertainty (jel D81) | |
| dx.doi.org/10.1006/jeth.1994.1078, hdl.handle.net/1765/23186 | |
| Journal of Economic Theory | |
| Organisation | Erasmus School of Economics |
|
Quiggin, J, & Wakker, P.P. (1994). The Axiomatic Basis of Anticipated Utility: A Clarification. Journal of Economic Theory, 64(2), 486–499. doi:10.1006/jeth.1994.1078
|
|
