A Generalization of the Quasilinear Mean with Applications to the Measurement of Income Inequality and Decision Theory Resolving the Allais Paradox

From MaRDI portal
Publication:3666552

DOI10.2307/1912052zbMath0517.90009OpenAlexW1594183550MaRDI QIDQ3666552

No author found.

Publication date: 1983

Published in: Econometrica (Search for Journal in Brave)

Full work available at URL: https://doi.org/10.2307/1912052




Related Items

Discriminating between preference functionals: A preliminary Monte Carlo studyViolations of betweenness and choice shifts in groupsAn axiomatic characterization of preferences under uncertainty: Weakening the independence axiomGeneralized probabilistic independence and its implications for utilityMarket equilibrium with heterogeneous recursive-utility-maximizing agentsThe projective independence axiomObserving different orders of risk aversionA challenge to the compound lottery axiom: A two-stage normative structure and comparison to other theoriesRanking intersecting Lorenz curvesRecent developments in modelling preferences under riskOn the commutation of generalized means on probability spacesHow complicated are betweenness preferences?Risk aversion in the theory of expected utility with rank dependent probabilitiesTime and riskPerception of probabilities in situations of risk: a case based approachWeighted and quadratic models of choice under uncertaintyA correspondence theorem between expected utility and smooth utilityA theory of coarse utilityOn the measurement of inequality under uncertaintyEfficient sets with and without the expected utility hypothesisThe comonotonic sure-thing principleSigned orders in linear and nonlinear utility theoryUtility theory with probability dependent outcome valuation: Extensions and applicationsNon-transitive measurable utility for decision under uncertaintyTowards a constructive approach to act-conditional subjective expected utility modelsDecision weights and the normal form axiomRegret theory: state dominance and expected utilityConsistent probability attitudesViolations of betweenness or random errors?Foundations of continuous-time recursive utility: differentiability and normalization of certainty equivalentsThe two faces of independence: betweenness and homotheticityTransitive regret over statistically independent lotteriesWeighted sets of probabilities and minimax weighted expected regret: a new approach for representing uncertainty and making decisionsProbabilistic social preference: how Machina's Mom randomizes her choiceFrom perception to action: an economic model of brain processesRational expectation equilibrium under quasilinear preferences: a diagrammatic approachRothschild-Stiglitz competitive insurance market under quasilinear preferencesOn `Maxwell's laws' of individual behaviourDetecting heterogeneous risk attitudes with mixed gamblesAmbiguity aversion and ambiguity content in decision making under uncertaintySure things - dominance and independence rules for choice under uncertaintyRisk attitudes for nonlinear measurable utilityTransitivity in the small and in the large for states-additive SSB utilitiesAxiomatic utility theories with the betweenness propertyAn overview of lexicographic choice under uncertaintyAscending bid auctions with behaviorally consistent biddersComparative statics tests between decision models under riskAxioms for minimax regret choice correspondencesA recourse certainty equivalent for decisions under uncertaintyComparative statics for rank-dependent expected utility theoryLexicographic state-dependent subjective expected utilityOverbidding and overspreading in rent-seeking experiments: cost structure and prize allocation rulesPreferences over location-scale familyAn intransitive expectations-based Bayesian variant of prospect theoryDifferent frames for the independence axiom: An experimental investigation in individual decision making under riskDifferentiability, comparative statics, and non-expected utility preferenceCommutativity of integral quasiarithmetic means on measure spacesRecent developments in modeling preferences: Uncertainty and ambiguityUtility theory with probability-dependent outcome valuationA second-generation disappointment aversion theory of decision making under riskEfficient sets with and without the expected utility hypothesis. A generalizationSecurity level, potential level, expected utility: a three-criteria decision model under riskA theory of quantifiable beliefsBargaining and boldnessIncreasing uncertainty: a definitionRanked additive utility representations of gambles: Old and new axiomatizationsSubjectively weighted linear utilityNonexpected utility preferences in a temporal framework with an application to consumption-savings behaviourEquilibrium without independenceBilinear utility and a threshold structure for nontransitive proferencesStochastic dominance and risk measure: a decision-theoretic foundation for VaR and C-VaRConditional implicit mean and the law of iterated integrals`Stochastically more risk averse': a contextual theory of stochastic discrete choice under riskUniversal Pareto dominance and welfare for plausible utility functionsThe Becker-Degroot-Marschak mechanism and generalized utility theories: Theoretical predictions and empirical observationsTransitivity is equivalent to independence for states-additive SSB utilitiesFirst order versus second order risk aversionConstant risk aversionThe ignorant observerRisk aversion in the small and in the large: Calibration results for betweenness functionalsSSB utility theory: An economic perspectiveAttitudes toward the timing of resolution of uncertainty and the existence of recursive utilityEquivalent decision trees and their associated strategy setsChoice under risk with certainty and potential effects: a general axiomatic modelAggregation theory for SSB utility functionalsA unifying approach to axiomatic non-expected utility theoriesComparative statics and non-expected utility preferencesSubjective states: a more robust modelPreference structures and their numerical representationsStar-shaped probability weighting functions and overbidding in first-price auctionsDecomposable choice under uncertaintyA critical look at the Aumann-Serrano and Foster-Hart measures of riskinessTemporal risk and the nature of induced preferencesResearch in decision theory: A personal perspectiveSubjective probability and stochastic independenceKompensation bei EntscheidungskriterienTotally convex preferences for gambles.A variational model of preference under uncertaintyViolations of the betweenness axiom and nonlinearity in probabilityIndependence properties vis-à-vis several utility representationsRandom binary choices that satisfy stochastic betweennessDecisions under risk and uncertainty: A survey of recent developmentsMultiple-switching behavior in choice-list elicitation of risk preference∀ or ∃?Bayes risk, elicitability, and the Expected ShortfallThe development gap in economic rationality of future elitesAn axiomatic account of status quo-dependent non-expected utility: pragmatic constraints on rational choice under riskRegret theory, Allais' paradox, and Savage's omeletFundamental Principles of Modeling in MacroeconomicsOn recursive utilities with non-affine aggregator and conditional certainty equivalentDecision Theory Without “Independence” or Without “Ordering”PELVE: probability equivalent level of VaR and ESWhich decision theory?A belief-dependent utility modelWeighted utility theory with incomplete preferencesSmall worlds: Modeling attitudes toward sources of uncertaintyThe expected utility theory applied to an industrial decision problem -- what technological alternative to implement to treat industrial solid residualsChoice theory when agents can randomizeOn the axiomatic treatment of the ϕ-meanNontransitive preferences in decision theoryAmbiguity aversion in the small and in the large for weighted linear utilityBehaviorally consistent optimal stopping rulesOn the statistical foundations of nonlinear utility theory: the case of status quo-dependent preferences.The value of information and the value of awarenessOn the robustness of indeterminacy in subjective probabilityFairness and utilitarianism without independenceOn the consensus effectOn the Difference between Social and Private Goods