Probability weights in rank-dependent utility with binary even-chance independence.
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The rank-dependent utility model in the reviewed paper follows \textit{J. Quiggins} formulation [Generalized expected utility theory. The rank-dependent model. Dordrecht: Kluwer Academic Publishers (1992; Zbl 0915.90081)]. This model is a generalization of the expected utility that accounts for subjective weighting or distortion of probabilities in the evaluation of gambles. The obtained results are technical contributions.
Recommendations
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Cites work
- A Genuine Rank-Dependent Generalization of the Von Neumann-Morgenstern Expected Utility Theorem
- A new axiomatization of rank-dependent expected utility with tradeoff consistency for equally likely outcomes
- A note on deriving rank-dependent utility using additive joint receipts
- Advances in prospect theory: cumulative representation of uncertainty
- An Axiomatic Approach to Measurable Utility
- An axiomatization of cumulative prospect theory
- Curvature of the Probability Weighting Function
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- Le Comportement de l'Homme Rationnel devant le Risque: Critique des Postulats et Axiomes de l'Ecole Americaine
- Nonlinear Decision Weights in Choice Under Uncertainty
- Parameter-Free Elicitation of Utility and Probability Weighting Functions
- Probability, Utility, and the Independence Axiom
- Rank- and sign-dependent linear utility models for binary gambles
- Rank- and sign-dependent linear utility models for finite first-order gambles
- Rank-dependent preferences without ranking axioms
- Rational Behavior, Uncertain Prospects, and Measurable Utility
- Reduction invariance and Prelec's weighting functions
- Risk Attitudes and Decision Weights
- The Probability Weighting Function
- Utility functions for wealth
Cited in
(9)- Parametric weighting functions
- Rank- and sign-dependent linear utility models for binary gambles
- Reasons for rank-dependent utility evaluation
- Riskiness for sets of gambles
- A Genuine Rank-Dependent Generalization of the Von Neumann-Morgenstern Expected Utility Theorem
- Probability weighting in choice under risk: An empirical test
- The mathematical psychology of Peter Fishburn
- Caution and reference effects
- To explain or to predict?
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