Search results for 'Utility' (try it on Scholar)

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  1. Some Reflections On Utility (1979). Oskar Morgenstern. In Maurice Allais & Ole Hagen (eds.), Expected Utility Hypotheses and the Allais Paradox. D. Reidel. 175.score: 60.0
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  2. Adaptive Utility (1979). Richard M. Cyert and Morris H. Degroot. In Maurice Allais & Ole Hagen (eds.), Expected Utility Hypotheses and the Allais Paradox. D. Reidel. 21--223.score: 60.0
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  3. Leigh Tesfatsion (1980). A Conditional Expected Utility Model for Myopic Decision Makers. Theory and Decision 12 (2):185-206.score: 24.0
    An expected utility model of individual choice is formulated which allows the decision maker to specify his available actions in the form of controls (partial contingency plans) and to simultaneously choose goals and controls in end-mean pairs. It is shown that the Savage expected utility model, the Marschak- Radner team model, the Bayesian statistical decision model, and the standard optimal control model can be viewed as special cases of this goal-control expected utility model.
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  4. Ralph Wedgwood, Utility or Choiceworthiness?score: 24.0
    Suppose that rational choices are to be defined as choices that maximize some sort of expectation of some sort of value. What sort of value should this definition appeal to? According to a familiar neo-Humean view, the answer is ‘Utility’, where utility is defined as a measure of subjective preference. According to a rival neo-Aristotelian view, the answer is ‘Choiceworthiness’, where choiceworthiness is an irreducibly normative notion – the notion of an action that is good in a certain (...)
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  5. Peter J. Hammond (1988). Consequentialist Foundations for Expected Utility. Theory and Decision 25 (1):25-78.score: 24.0
    Behaviour norms are considered for decision trees which allow both objective probabilities and uncertain states of the world with unknown probabilities. Terminal nodes have consequences in a given domain. Behaviour is required to be consistent in subtrees. Consequentialist behaviour, by definition, reveals a consequence choice function independent of the structure of the decision tree. It implies that behaviour reveals a revealed preference ordering satisfying both the independence axiom and a novel form of sure-thing principle. Continuous consequentialist behaviour must be expected (...)
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  6. Paul Weirich (2010). Utility and Framing. Synthese 176 (1):83 - 103.score: 24.0
    Standard principles of rational decision assume that an option's utility is both comprehensive and accessible. These features constrain interpretations of an option's utility. This essay presents a way of understanding utility and laws of utility. It explains the relation between an option's utility and its outcome's utility and argues that an option's utility is relative to a specification of the option. Utility's relativity explains how a decision problem's framing affects an option's (...) and its rationality even for an agent who is cognitively perfect and lacks only empirical information. The essay rewrites standard laws of utility to accommodate relativization to propositions' specifications. The new laws are generalizations of the standard laws and yield them as special cases. (shrink)
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  7. Pradier Pierre-Charles, David Teira & Jallais Sophie (2008). Facts, Norms and Expected Utility Functions. History of the Human Sciences 21 (2):45-62.score: 24.0
    In this paper we want to explore an argumentative pattern that provides a normative justification for expected utility functions grounded on empirical evidence, showing how it worked in three different episodes of their development. The argument claims that we should prudentially maximize our expected utility since this is the criterion effectively applied by those who are considered wisest in making risky choices (be it gamblers or businessmen). Yet, to justify the adoption of this rule, it should be proven (...)
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  8. Judy Attfield (ed.) (1999). Utility Reassessed: The Role of Ethics in the Practice of Design. Distributed Exclusively in the Usa by St. Martin's Press.score: 24.0
    This sparkling collection of essays both defines and reassesses the concept of Utility. Using it as a touchstone for the consideration of the place of ethics in the recent history of design, the collection offers a way into the issues which concern design decision-makers today. It offers previously unpublished research into diverse topics such as the investigation into the hitherto undiscovered designs for a utility vehicle, and it reveals a fresh perspective on the philosophy behind the concept of (...)
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  9. Stephen A. Clark (2000). Revealed Preference and Expected Utility. Theory and Decision 49 (2):159-174.score: 24.0
    This essay gives necessary and sufficient conditions for recovering expected utility from choice behavior in several popular models of uncertainty. In particular, these techniques handle a finite state model; a model for which the choice space consists of probability densities and the expected utility representation requires bounded, measurable utility; and a model for which the choice space consists of Borel probability measures and the expected utility representation requires bounded, continuous utility. The key result is the (...)
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  10. Reed Richter (1985). Rationality, Group Choice and Expected Utility. Synthese 63 (2):203 - 232.score: 24.0
    This paper proposes a view uniformly extending expected utility calculations to both individual and group choice contexts. Three related cases illustrate the problems inherent in applying expected utility to group choices. However, these problems do not essentially depend upon the tact that more than one agent is involved. I devise a modified strategy allowing the application of expected utility calculations to these otherwise problematic cases. One case, however, apparently leads to contradiction. But recognizing the falsity of proposition (...)
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  11. Julia Staffel (forthcoming). Disagreement and Epistemic Utility-Based Compromise. Journal of Philosophical Logic:1-14.score: 24.0
    Epistemic utility theory seeks to establish epistemic norms by combining principles from decision theory and social choice theory with ways of determining the epistemic utility of agents’ attitudes. Recently, Moss (Mind, 120(480), 1053–69, 2011) has applied this strategy to the problem of finding epistemic compromises between disagreeing agents. She shows that the norm “form compromises by maximizing average expected epistemic utility”, when applied to agents who share the same proper epistemic utility function, yields the result that (...)
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  12. Marc le Menestrel (2001). A Process Approach to the Utility for Gambling. Theory and Decision 50 (3):249-262.score: 24.0
    This paper argues that any specific utility or disutility for gambling must be excluded from expected utility because such a theory is consequential while a pleasure or displeasure for gambling is a matter of process, not of consequences. A (dis)utility for gambling is modeled as a process utility which monotonically combines with expected utility restricted to consequences. This allows for a process (dis)utility for gambling to be revealed. As an illustration, the model shows how (...)
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  13. John R. Bowlin (2000). Sieges, Shipwrecks, and Sensible Knaves: Justice and Utility in Butler and Hume. Journal of Religious Ethics 28 (2):253 - 280.score: 24.0
    By examining the theories of justice developed by Joseph Butler and David Hume, the author discloses the conceptual limits of their moral naturalism. Butler was unable to accommodate the possibility that justice is, at least to some extent, a social convention. Hume, who more presciently tried to spell out the conventional character of justice, was unable to carry through that project within the framework of his moral naturalism. These limits have gone unnoticed, largely because Butler and Hume have been misinterpreted, (...)
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  14. Marc le Menestrel & Luk van Wassenhove (2001). The Domain and Interpretation of Utility Functions: An Exploration. Theory and Decision 51 (2/4):329-349.score: 24.0
    This paper proposes an exploration of the methodology of utility functions that distinguishes interpretation from representation. While representation univocally assigns numbers to the entities of the domain of utility functions, interpretation relates these entities with empirically observable objects of choice. This allows us to make explicit the standard interpretation of utility functions which assumes that two objects have the same utility if and only if the individual is indifferent among them. We explore the underlying assumptions of (...)
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  15. John Quiggin (2001). Production Under Uncertainty and Choice Under Uncertainty in the Emergence of Generalized Expected Utility Theory. Theory and Decision 51 (2/4):125-144.score: 24.0
    This paper presents a personal view of the interaction between the analysis of choice under uncertainty and the analysis of production under uncertainty. Interest in the foundations of the theory of choice under uncertainty was stimulated by applications of expected utility theory such as the Sandmo model of production under uncertainty. This interest led to the development of generalized models including rank-dependent expected utility theory. In turn, the development of generalized expected utility models raised the question of (...)
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  16. Ulrich Schmidt (2001). Lottery Dependent Utility: A Reexamination. Theory and Decision 50 (1):35-58.score: 24.0
    In order to accommodate empirically observed violations of the independence axiom of expected utility theory Becker and Sarin (1987) proposed their model of lottery dependent utility in which the utility of an outcome may depend on the lottery being evaluated. Although this dependence is intuitively very appealing and provides a simple functional form of the resulting decision criterion, lottery dependent utility has been nearly completely neglected in the recent literature on decision making under risk. The goal (...)
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  17. Babacar Seck, Laetitia Andrieu & Michel De Lara (2012). Parametric Multi-Attribute Utility Functions for Optimal Profit Under Risk Constraints. Theory and Decision 72 (2):257-271.score: 24.0
    We provide an economic interpretation of the practice consisting in incorporating risk measures as constraints in an expected prospect maximization problem. For what we call the infimum of expectations class of risk measures, we show that if the decision maker (DM) maximizes the expectation of a random prospect under constraint that the risk measure is bounded above, he then behaves as a “generalized expected utility maximizer” in the following sense. The DM exhibits ambiguity with respect to a family of (...)
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  18. David E. Buschena & David Zilberman (1999). Testing the Effects of Similarity on Risky Choice: Implications for Violations of Expected Utility. Theory and Decision 46 (3):253-280.score: 24.0
    Our aim in this paper was to establish an empirical evaluation for similarity effects modeled by Rubinstein; Azipurua et al.; Leland; and Sileo. These tests are conducted through a sensitivity analysis of two well-known examples of expected utility (EU) independence violations. We found that subjective similarity reported by respondents was explained very well by objective measures suggested in the similarity literature. The empirical results of this analysis also show that: (1) the likelihood of selection for the riskier choice increases (...)
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  19. Juan C. Candeal, Juan R. de Miguel & Esteban Induráin (2002). Expected Utility From Additive Utility on Semigroups. Theory and Decision 53 (1):87-94.score: 24.0
    In the present paper we study the framework of additive utility theory, obtaining new results derived from a concurrence of algebraic and topological techniques. Such techniques lean on the concept of a connected topological totally ordered semigroup. We achieve a general result concerning the existence of continuous and additive utility functions on completely preordered sets endowed with a binary operation ``+'', not necessarily being commutative or associative. In the final part of the paper we get some applications to (...)
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  20. Robert van Rooy (2004). Utility, Informativity and Protocols. Journal of Philosophical Logic 33 (4):389-419.score: 24.0
    Recently, natural language pragmatics started to make use of decision-, game-, and information theoretical tools to determine the usefulness of questions and assertions in a quantitative way. In the first part of this paper several of these notions are related with each other. It is shown that under particular natural assumptions the utility of questions and answers reduces to their informativity, and that the ordering relation induced by utility sometimes even reduces to the logical relation of entailment. The (...)
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  21. Luca Zarri (2010). On Social Utility Payoffs in Games: A Methodological Comparison Between Behavioural and Rational Game Theory. [REVIEW] Theory and Decision 69 (4):587-598.score: 24.0
    Are the recent findings of Behavioural Game Theory (BGT) on unselfish behaviours relevant for the progress of game theory? Is the methodology of BGT, centred around the attempt to study theoretically players’ utility functions in the light of the feedback that experimental evidence can produce on the theory, a satisfactory one? Or is the creation of various types of ‘social preferences’ just wasteful tinkering? This article compares BGT with the methodology of Rational Game Theory (RGT). BGT is viewed as (...)
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  22. Jean-François Bonnefon & Steven A. Sloman (2013). The Causal Structure of Utility Conditionals. Cognitive Science 37 (1):193-209.score: 24.0
    The psychology of reasoning is increasingly considering agents' values and preferences, achieving greater integration with judgment and decision making, social cognition, and moral reasoning. Some of this research investigates utility conditionals, ‘‘if p then q’’ statements where the realization of p or q or both is valued by some agents. Various approaches to utility conditionals share the assumption that reasoners make inferences from utility conditionals based on the comparison between the utility of p and the expected (...)
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  23. A. A. J. Marley & R. Duncan Luce (2005). Independence Properties Vis-À-Vis Several Utility Representations. Theory and Decision 58 (1):77-143.score: 24.0
    A detailed theoretical analysis is presented of what five utility representations – subjective expected utility (SEU), rank-dependent (cumulative or Choquet) utility (RDU), gains decomposition utility (GDU), rank weighted utility (RWU), and a configural-weight model (TAX) that we show to be equivalent to RWU – say about a series of independence properties, many of which were suggested by M. H. Birnbaum and his coauthors. The goal is to clarify what implications to draw about the descriptive aspects (...)
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  24. Mauro Rossi (2013). Simulation Theory and Interpersonal Utility Comparisons Reconsidered. Synthese 191 (6):1-26.score: 24.0
    According to a popular strategy amongst economists and philosophers, in order to solve the problem of interpersonal utility comparisons, we have to look at how ordinary people make such comparisons in everyday life. The most recent attempt to develop this strategy has been put forward by Goldman in his “Simulation and Interpersonal Utility” (Ethics 4:709–726, 1995). Goldman claims, first, that ordinary people make interpersonal comparisons by simulation and, second, that simulation is reliable for making interpersonal comparisons. In this (...)
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  25. Christopher Schwand, Rudolf Vetschera & Lea M. Wakolbinger (2010). The Influence of Probabilities on the Response Mode Bias in Utility Elicitation. Theory and Decision 69 (3):395-416.score: 24.0
    The response mode bias, in which subjects exhibit different risk attitudes when assessing certainty equivalents versus indifference probabilities, is a well-known phenomenon in the assessment of utility functions. In this empirical study, we develop and apply a cardinal measure of risk attitudes to analyze not only the existence, but also the strength of this phenomenon. Since probability levels involved in decision problems are already known to have a strong impact on behavior, we use this approach to study the impact (...)
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  26. Sujoy Chakravarty & Jaideep Roy (2009). Recursive Expected Utility and the Separation of Attitudes Towards Risk and Ambiguity: An Experimental Study. [REVIEW] Theory and Decision 66 (3):199-228.score: 24.0
    We use the multiple price list method and a recursive expected utility theory of smooth ambiguity to separate out attitude towards risk from that towards ambiguity. Based on this separation, we investigate if there are differences in agent behaviour under uncertainty over gain amounts vis-a-vis uncertainty over loss amounts. On an aggregate level, we find that (i) subjects are risk averse over gains and risk seeking over losses, displaying a “reflection effect” and (ii) they are ambiguity neutral over gains (...)
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  27. Ho-Chyuan Chen & William S. Neilson (1999). Pure-Strategy Equilibria with Non-Expected Utility Players. Theory and Decision 46 (2):201-212.score: 24.0
    A pure-strategy equilibrium existence theorem is extended to include games with non-expected utility players. It is shown that to guarantee the existence of a Nash equilibrium in pure strategies, the linearity of preferences in the probabilities can be replaced by the weaker requirement of quasiconvexity in the probabilities.
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  28. Per Hjertstrand & James L. Swofford (2012). Revealed Preference Tests for Consistency with Weakly Separable Indirect Utility. Theory and Decision 72 (2):245-256.score: 24.0
    Since Varian (Econometrica 50:945–973, 1982; Review of Economic Studies 50:90–110, 1983) made checking for consistency with revealed preference conditions more accessible to empirical researchers; researchers have often used revealed preference procedures to test their maintained hypotheses and narrow the scope of their demand studies. The tests developed by Varian are for the direct utility function, while researchers estimating demand systems often find it convenient to model consumer behavior with an indirect utility function. Unfortunately structure revealed in the direct (...)
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  29. Vladimir Mironov, Erick Zimar Antezana San Roman, Mikel Egaña, Ward Blondé, Bernard De Baets, Martin Kuiper & Robert Stevens (2011). Flexibility and Utility of the Cell Cycle Ontology. Applied Ontology 6 (3):247-261.score: 24.0
    The Cell Cycle Ontology (CCO) has the aim to provide a 'one stop shop' for scientists interested in the biology of the cell cycle that would like to ask questions from a molecular and/or systems perspective: what are the genes, proteins, and so on involved in the regulation of cell division? How do they interact to produce the effects observed in the regulation of the cell cycle? To answer these questions, the CCO must integrate a large amount of knowledge from (...)
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  30. Paola Modesti (2003). Lottery-Dependent Utility Via Stochastic Benchmarking. Theory and Decision 55 (1):45-57.score: 24.0
    The possibility to interpret expected and nonexpected utility theories in purely probabilistic terms has been recently investigated. Such interpretation proposes as guideline for the Decision Maker the comparison of random variables through their probability to outperform a stochastic benchmark. We apply this type of analysis to the model of Becker and Sarin, showing that their utility functional may be seen as the probability that an opportune random variable, depending on the one to be evaluated, does not outperform a (...)
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  31. C. T. Ng, R. Duncan Luce & A. A. J. Marley (2009). Utility of Gambling When Events Are Valued: An Application of Inset Entropy. [REVIEW] Theory and Decision 67 (1):23-63.score: 24.0
    The present theory leads to a set of subjective weights such that the utility of an uncertain alternative (gamble) is partitioned into three terms involving those weights—a conventional subjectively weighted utility function over pure consequences, a subjectively weighted value function over events, and a subjectively weighted function of the subjective weights. Under several assumptions, this becomes one of several standard utility representations, plus a weighted value function over events, plus an entropy term of the weights. In the (...)
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  32. Robin Pope (2000). Reconciliation with the Utility of Chance by Elaborated Outcomes Destroys the Axiomatic Basis of Expected Utility Theory. Theory and Decision 49 (3):223-234.score: 24.0
    Expected utility theory does not directly deal with the utility of chance. It has been suggested in the literature (Samuelson, 1952, Markowitz, 1959) that this can be remedied by an approach which explicitly models the emotional consequences which give rise to the utility of chance. We refer to this as the elaborated outcomes approach. It is argued that the elaborated outcomes approach destroys the possibility of deriving a representation theorem based on the usual axioms of expected (...) theory. This is shown with the help of an example due to Markowitz. It turns out that the space of conceivable lotteries over elaborated outcomes is too narrow to permit the application of the axioms. Moreover it is shown that a representation theorem does not hold for the example. (shrink)
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  33. Alexandre Street (2010). On the Conditional Value-at-Risk Probability-Dependent Utility Function. Theory and Decision 68 (1-2):49-68.score: 24.0
    The Expected Shortfall or Conditional Value-at-Risk (CVaR) has been playing the role of main risk measure in the recent years and paving the way for an enormous number of applications in risk management due to its very intuitive form and important coherence properties. This work aims to explore this measure as a probability-dependent utility functional, introducing an alternative view point for its Choquet Expected Utility representation. Within this point of view, its main preference properties will be characterized and (...)
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  34. Stefan T. Trautmann (2010). Individual Fairness in Harsanyi's Utilitarianism: Operationalizing All-Inclusive Utility. [REVIEW] Theory and Decision 68 (4):405-415.score: 24.0
    Fairness can be incorporated into Harsanyi’s utilitarianism through all-inclusive utility. This retains the normative assumptions of expected utility and Pareto-efficiency, and relates fairness to individual preferences. It makes utilitarianism unfalsifiable, however, if agents’ all-inclusive utilities are not explicitly specified. This note proposes a two-stage model to make utilitarian welfare analysis falsifiable by specifying all-inclusive utilities explicitly through models of individual fairness preferences. The approach is applied to include fairness in widely discussed allocation examples.
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  35. Eyal Baharad & Doron Kliger (2013). Market Failure in Light of Non-Expected Utility. Theory and Decision 75 (4):599-619.score: 24.0
    This paper merges the non-expected utility approach (Tversky and Kahneman, J Risk Uncertain 5:297–323, 1992 and Quiggin, J Econ Behav Organ 3:323–343, 1982) into Akerlof’s (Quart J Econ 84:488–500, 1970) model of Market for Lemons. We derive the results for different probability weighting functions and analyze the phenomenon of market failure in light of non-expected utility maximization. Our main finding suggests that when the proportion of traded lemons is high (low), the problem of market failure is mitigated (enhanced). (...)
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  36. Sergiu Hart (2004). A Comparison of Non-Transferable Utility Values. Theory and Decision 56 (1-2):35-46.score: 24.0
    Three values for non-transferable utility games -- the Harsanyi NTU-value, the Shapley NTU-value, and the Maschler--Owen consistent NTU-value -- are compared in a simple example.
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  37. Masako Ikefuji, Roger J. A. Laeven, Jan R. Magnus & Chris Muris (2013). Pareto Utility. Theory and Decision 75 (1):43-57.score: 24.0
    In searching for an appropriate utility function in the expected utility framework, we formulate four properties that we want the utility function to satisfy. We conduct a search for such a function, and we identify Pareto utility as a function satisfying all four desired properties. Pareto utility is a flexible yet simple and parsimonious two-parameter family. It exhibits decreasing absolute risk aversion and increasing but bounded relative risk aversion. It is applicable irrespective of the probability (...)
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  38. D. J. Johnstone & D. V. Lindley (2011). Elementary Proof That Mean–Variance Implies Quadratic Utility. Theory and Decision 70 (2):149-155.score: 24.0
    An extensive literature overlapping economics, statistical decision theory and finance, contrasts expected utility [EU] with the more recent framework of mean–variance (MV). A basic proposition is that MV follows from EU under the assumption of quadratic utility. A less recognized proposition, first raised by Markowitz, is that MV is fully justified under EU, if and only if utility is quadratic. The existing proof of this proposition relies on an assumption from EU, described here as “Buridan’s axiom” after (...)
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  39. R. Duncan Luce (2010). Interpersonal Comparisons of Utility for 2 of 3 Types of People. Theory and Decision 68 (1-2):5-24.score: 24.0
    This article argues that there is a natural solution to carry out interpersonal comparisons of utility when the theory of gambles is supplemented with a group operation of joint receipts. If so, three types of people can exist, and the two types having multiplicative representations of joint receipt have, in contrast to most utility theories, absolute scales of utility. This makes possible, at least in principle, meaningful interpersonal comparisons of utility with desirable properties, thus resolving a (...)
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  40. Martin M. Monti, Simon Grant & Daniel N. Osherson (2005). A Note on Concave Utility Functions. Mind and Society 4 (1):85-96.score: 24.0
    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.
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  41. Daniel Osherson (2005). A Note on Concave Utility Functions. Mind and Society 4 (1):85-96.score: 24.0
    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.
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  42. Peter P. Wakker, Veronika Köbberling & Christiane Schwieren (2007). Prospect-Theory's Diminishing Sensitivity Versus Economics' Intrinsic Utility of Money: How the Introduction of the Euro Can Be Used to Disentangle the Two Empirically. [REVIEW] Theory and Decision 63 (3):205-231.score: 24.0
    The introduction of the euro gave a unique opportunity to empirically disentangle two components of utility: intrinsic value, a rational component central in economics, and the numerosity effect (going by numbers while ignoring units), a descriptive and irrational component central in prospect theory and underlying the money illusion. We measured relative risk aversion in Belgium before and after the introduction of the euro, and could consider changes in intrinsic value while keeping numbers constant, and changes in numbers while keeping (...)
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  43. Ali E. Abbas (2010). Invariant Multiattribute Utility Functions. Theory and Decision 68 (1-2):69-99.score: 24.0
    We present a method to characterize the preferences of a decision maker in decisions with multiple attributes. The approach modifies the outcomes of a multivariate lottery with a multivariate transformation and observes the change in the decision maker’s certain equivalent. If the certain equivalent follows this multivariate transformation, we refer to this situation as multiattribute transformation invariance, and we derive the functional form of the utility function. We then show that any additive or multiplicative utility function that is (...)
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  44. Richard Batley (2008). On Ordinal Utility, Cardinal Utility and Random Utility. Theory and Decision 64 (1):37-63.score: 24.0
    Though the Random Utility Model (RUM) was conceived entirely in terms of ordinal utility, the apparatus through which it is widely practised exhibits properties of cardinal utility. The adoption of cardinal utility as a working operation of ordinal is perfectly valid, provided interpretations drawn from that operation remain faithful to ordinal utility. The article considers whether the latter requirement holds true for several measurements commonly derived from RUM. In particular it is found that measurements of (...)
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  45. Francis C. Chu & Joseph Y. Halpern (2008). Great Expectations. Part I: On the Customizability of Generalized Expected Utility. [REVIEW] Theory and Decision 64 (1):1-36.score: 24.0
    We propose a generalization of expected utility that we call generalized EU (GEU), where a decision maker’s beliefs are represented by plausibility measures and the decision maker’s tastes are represented by general (i.e., not necessarily real-valued) utility functions. We show that every agent, “rational” or not, can be modeled as a GEU maximizer. We then show that we can customize GEU by selectively imposing just the constraints we want. In particular, we show how each of Savage’s postulates corresponds (...)
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  46. A. R. Hoseinzadeh, G. R. Mohtashami Borzadaran & G. H. Yari (2012). Aspects Concerning Entropy and Utility. Theory and Decision 72 (2):273-285.score: 24.0
    Expected utility maximization problem is one of the most useful tools in mathematical finance, decision analysis and economics. Motivated by statistical model selection, via the principle of expected utility maximization, Friedman and Sandow (J Mach Learn Res 4:257–291, 2003a) considered the model performance question from the point of view of an investor who evaluates models based on the performance of the optimal strategies that the models suggest. They interpreted their performance measures in information theoretic terms and provided new (...)
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  47. Mikhail V. Sokolov (2011). Interval Scalability of Rank-Dependent Utility. Theory and Decision 70 (3):255-282.score: 24.0
    Luce and Narens (Journal of Mathematical Psychology, 29:1–72, 1985) showed that rank-dependent utility (RDU) is the most general interval scale utility model for binary lotteries. It can be easily established that this result cannot be generalized to lotteries with more than two outcomes. This article suggests several additional conditions to ensure RDU as the only utility model with the desired property of interval scalability in the general case. The related axiomatizations of some special cases of RDU of (...)
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  48. Jie W. Weiss, David J. Weiss & Ward Edwards (2010). A Descriptive Multi-Attribute Utility Model for Everyday Decisions. Theory and Decision 68 (1-2):101-114.score: 24.0
    We propose a descriptive version of the classical multi-attribute utility model; to that end, we add a new parameter, momentary salience, to the customary formulation. The addition of this parameter allows the theory to accommodate changes in the decision maker’s mood and circumstances, as the saliencies of anticipated consequences are driven by concerns of the moment. By allowing for the number of consequences given attention at the moment of decision to vary, the new model mutes the criticism that SEU (...)
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  49. J. C. R. Alcantud, G. Bosi, M. J. Campión, J. C. Candeal, E. Induráin & C. Rodríguez-Palmero (2008). Continuous Utility Functions Through Scales. Theory and Decision 64 (4):479-494.score: 24.0
    We present here a direct elementary construction of continuous utility functions on perfectly separable totally preordered sets that does not make use of the well-known Debreu’s open gap lemma. This new construction leans on the concept of a separating countable decreasing scale. Starting from a perfectly separable totally ordered structure, we give an explicit construction of a separating countable decreasing scale, from which we show how to get a continuous utility map.
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  50. Burak Can, Bora Erdamar & M. Remzi Sanver (2009). Expected Utility Consistent Extensions of Preferences. Theory and Decision 67 (2):123-144.score: 24.0
    We consider the problem of extending a (complete) order over a set to its power set. The extension axioms we consider generate orderings over sets according to their expected utilities induced by some assignment of utilities over alternatives and probability distributions over sets. The model we propose gives a general and unified exposition of expected utility consistent extensions whilst it allows to emphasize various subtleties, the effects of which seem to be underestimated – particularly in the literature on strategy-proof (...)
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