Expected utility with perturbed lotteries
The sensitivity of expected utility choice to slight variations in the description of lotteries is considered. This sensitivity is allowed to influence actual choice in what is called the expected utility with perturbed lotteries model because the slight variations are used to represent vagueness regarding the dollar-prize, probability description of a lottery. Examples illustrate how this sensitivity can affect actual choice for an otherwise expected utility decision-maker and provide an explanation for some of the anomalous evidence on risky choice.
- Lottery dependent utility: A reexamination
- Lottery-dependent utility via stochastic benchmarking
- Random expected utility theory with a continuum of prizes
- Random Expected Utility
- Expected utility with uncertain probabilities theory
- Choquet expected utility representation of preferences on generalized lotteries
- Utility theory with probability-dependent outcome valuation
- Stochastic choice and revealed perturbed utility
- Probability interference in expected utility theory
- Payoff kinks in preferences over lotteries
- Conditional non-expected utility preferences induced by mixture of lotteries: a note on the normative invalidity of expected utility theory
- Lotteries, insurance, and star-shaped utility functions
- Stochastic choice and revealed perturbed utility
- Lottery dependent utility: A reexamination
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