David Bourget (Western Ontario)
David Chalmers (ANU, NYU)
Rafael De Clercq
Ezio Di Nucci
Jonathan Jenkins Ichikawa
Jack Alan Reynolds
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Mind and Society 4 (1):85-96 (2005)
The classical theory of preference among monetary bets represents people as expected utility maximizers with concave utility functions. Critics of this account often rely on assumptions about preferences over wide ranges of total wealth. We derive a prediction of the theory that bears on bets at any fixed level of wealth, and test the prediction behaviorally. Our results are discrepant with the classical account. Competing theories are also examined in light of our data
|Keywords||Gambling Risk aversion Concave utility function Expected utility Prospect theory|
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Christopher J. G. Meacham & Jonathan Weisberg (2011). Representation Theorems and the Foundations of Decision Theory. Australasian Journal of Philosophy 89 (4):641 - 663.
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