Empirical rules of thumb for choice under uncertainty

Theory and Decision 71 (3):431-438 (2011)
Abstract
A substantial body of empirical evidence shows that individuals overweight extreme events and act in conflict with the expected utility theory. These findings were the primary motivation behind the development of a rank-dependent utility theory for choice under uncertainty. The purpose of this paper is to demonstrate that some simple empirical rules of thumb for choice under uncertainty are consistent with the rank-dependent utility theory.
Keywords Rank-dependent utility  Maximin  Maximax  Mid-range
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References found in this work BETA
Ward Edwards (1955). The Prediction of Decisions Among Bets. Journal of Experimental Psychology 50 (3):201.
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