An axiomatized theory of nonlinear utility and subjective probability is presented in which assessed probabilities are allowed to depend on the consequences associated with events. The representation includes the expected utility model as a special case, but can accommodate the Ellsberg paradox and other types of ambiguity sensitive behavior, while retaining familiar properties of subjective probability, such as additivity for disjoint events and multiplication of conditional probabilities. It is an extension, to the states model of decision making under uncertainty, of Chew's weighted linear utility representation for decision making under risk.
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- Risk, ambiguity and the Savage axioms
- Subjective expected utility: A review of normative theories
- Theory of games and economic behavior.
- On the application of multiattribute utility theory to models of choice
- Recent developments in modeling preferences: Uncertainty and ambiguity
- Ambiguity and decision modeling: A preference-based approach
- Utility theory with probability-dependent outcome valuation
- Revealed likelihood and Knightian uncertainty
- A revealed-preference implication of weighted utility decisions under uncertainty
- Probabilistic choice as a consequence of nonlinear (sub) optimization
- Decision weights and the normal form axiom
- Subjective utility with upper and lower probabilities on finite states
- The comonotonic sure-thing principle
- Ambiguity aversion in the small and in the large for weighted linear utility
- Preference under risk in the presence of indistinguishable probabilities
- SSB and Weighted Linear Utility As Expected Utility with Suspicion
- Weighted regret-based likelihood: a new approach to describing uncertainty
- Framing contingencies
- Decisions under risk and uncertainty: A survey of recent developments
- Axiomatization of weighted (separable) utility
- Accounting for optimism and pessimism in expected utility
- A simplified axiomatic approach to ambiguity aversion
- Multimode utility theory
- Utility of gambling when events are valued: An application of inset entropy
- Ambiguity aversion and ambiguity content in decision making under uncertainty
- On neutrality of preferences on acts with respect to use of proxy outcomes
- Utility of gambling. I: Entropy modified linear weighted utility
- Utility of gambling. II: Risk, paradoxes, and data
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