| Título: | An Outcome-Oriented Theory of Choice and Empirical Paradoxes in Expected Utility Theory |
| Autores: | Kaneko, Fumihiro |
| Fecha: |
2006-01-30 2007-03-07 2006-01-30 2007-03-07 1997 |
| Publicador: | AgEcon |
| Fuente: |
 |
| Tipo: | Working or Discussion Paper |
| Tema: |
expected utility theory SSA representation SSB representation prospect theory choice under uncertainty Research Methods/ Statistical Methods |
| Descripción: | I analyze observed choice between lotteries from an outcome-oriented point of view in the framework of choice between random variables. I characterize a choice maker, who faces a choice situation between lotteries, by (1) a surmising process that associates, with a pair of lotteries, a set of well-defined choice situations between random variables, and (2) a choice set that is a collection of well-defined choice situations. I give a partial axiomatic foundation of the theory. The theory is applied to explain the well-known paradoxes in expected utility theory. |
| Idioma: |
English en |
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