Utility & Prospect & Decision Theories
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Archive of Utility Metadata  
(refereed articles mainly)
The main page is Utility Metadata

Contents   (in new windows)

2.   Utility Theory Metadata. Events:  
            2014 Undated     2013 Undated     2012 Undated     2011 Undated    
            2010 Undated     2009 Undated     2008 Undated     2007 Undated



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Metadata added/revised in 2014 Undated

Reference-Dependence and Marginal Utility: Alt, Samuelson, and Bernardelli
Marek Hudik
History of Political Economy     2014
Abstract

Ordients: Optimization and comparative statics without utility functions
Ludovic Renou and Karl H. Schlag
Journal of Economic Theory     2014
Abstract

The monetary utility premium and interpersonal comparisons
Jingyuan Li and Liqun Liu
Economics Letters     2014
Abstract

Asset Demand Based Tests of Expected Utility Maximization
Felix Kubler, Larry Selden and Xiao Wei
American Economic Review     2014
Abstract

Ignorance and competence in choices under uncertainty
Paulo Casaca, Alain Chateauneuf and Jose Heleno Faro
Journal of Mathematical Economics     2014
Abstract

Axiomatization of weighted (separable) utility
Pavlo Blavatskyy
Journal of Mathematical Economics     2014
Abstract

The explanatory and predictive power of non two-stage-probability theories of decision making under ambiguity
John Denis Hey and Noemi Pace
Journal of Risk and Uncertainty     2014
Abstract

Beware of black swans: Taking stock of the description–experience gap in decision under uncertainty
Andre Palma, Mohammed Abdellaoui, Giuseppe Attanasi, Moshe Ben-Akiva, Ido Erev, Helga Fehr-Duda, Dennis Fok, Craig Fox, Ralph Hertwig, Nathalie Picard, Peter Wakker, Joan Walker and Martin Weber
Marketing Letters     2014
Abstract

Introduction to Sub-Interval Analysis and its Applications (Selected Chapters)
Alexander Harin
EconStor Books from ZBW - German National Library of Economics     2012
Abstract

The Tyranny of Utility: Behavioral Social Science and the Rise of Paternalism, Saint-Paul. Princeton University Press, 2001, vii + 163 pages
Brynn F. Welch
Economics and Philosophy     2013
Abstract

THE FUTILE SEARCH FOR TRUE UTILITY
Roberto Fumagalli
Economics and Philosophy     2013
Abstract

Partially Unforeseen Events. Corrections and Correcting Formulae for Forecasts
Alexander Harin
Expert Journal of Economics     2014
Abstract

Underestimation of probabilities modifications: characterization and economic implications
Johanna Etner and Meglena Jeleva
Economic Theory     2014
Abstract

Additive representation of separable preferences over infinite products
Marcus Pivato
Theory and Decision     2014
Abstract

James M. Buchanan: Through an Austrian window
Mario Rizzo
The Review of Austrian Economics     2014
Abstract

Behavioral insurance: Theory and experiments
Andreas Richter, Jorg Schiller and Harris Schlesinger
Journal of Risk and Uncertainty     2014
Abstract

Expected utility without bounds—A simple proof
David Dillenberger and R. Vijay Krishna
Journal of Mathematical Economics     2014
Abstract

Purely subjective Maxmin Expected Utility
Shiri Alon and David Schmeidler
Journal of Economic Theory     2014
Abstract

J. S. Mill and the Value of Utility
Shiri Cohen Kaminitz
History of Political Economy     2014
Abstract

МОДЕЛИ ПОТРЕБИТЕЛЬСКОГО ПОВЕДЕНИЯ ИНДИВИДА
С ТОЧКИ ЗРЕНИЯ РАЗЛИЧНЫХ НАУК

Гущина Елена Геннадьевна and Витальева Елена Михайловна
Вестник Астраханского государственного технического университета. Серия: Экономика     2012
Abstract

A two-parameter model of dispersion aversion
Robert G. Chambers, Simon Grant, Ben Polak and John C. Quiggin
Journal of Economic Theory     2014
Abstract

How cardinal utility entered economic analysis: 1909 --1944
Ivan Moscati
The European Journal of the History of Economic Thought     2013
Abstract

Expected Uncertain Utility Theory
Faruk Gul and Wolfgang Pesendorfer
Econometrica     2014
Abstract

Is utility transferable? a revealed preference analysis
Laurens Cherchye, Thomas Demuynck and Bram De Rock
Theoretical Economics     2014
Abstract

Decision making with imprecise probabilities and utilities
by means of statistical preference and stochastic dominance

Ignacio Montes, Enrique Miranda and Susana Montes
European Journal of Operational Research     2014
Abstract

Mean–variance approximations to expected utility
Harry M. Markowitz
European Journal of Operational Research     2014
Abstract

Expected utility or prospect theory maximisers?
Assessing farmers' risk behaviour from field-experiment data

Geraldine Bocqueho, Florence Jacquet and Arnaud Reynaud
European Review of Agricultural Economics     2014
Abstract

The Tyranny of Utility – Behavioral Social Science
and the Rise of Paternalism by Gilles Saint-Paul
(Princeton, Princeton University Press, 2011) pp. 174.

Paul Frijters
The Economic Record     2013
Abstract

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Metadata added/revised in 2013 Undated

Top authors in the field of Utility Models & Prospect Theory in the Year 2013:

      1. Peter P. Wakker     2. Andrei Shleifer     3. Larry G. Epstein    


Utilitarianism and the role of utility in Adam Smith
Amos Witztum and Jeffrey T. Young
The European Journal of the History of Economic Thought     2013
Abstract

THE FUTILE SEARCH FOR TRUE UTILITY
Roberto Fumagalli
Economics and Philosophy     2013
Abstract

MEAN-VARIANCE APPROXIMATIONS TO THE GEOMETRIC MEAN
Harry M. Markowitz
Annals of Financial Economics (AFE)     2012
Abstract

Smooth Ambiguity Aversion toward Small Risks
and Continuous-Time Recursive Utility

Costis Skiadas
Journal of Political Economy     2013
Abstract

Risk and choice: A research saga
Christian Gollier, James K. Hammitt and Nicolas TREICH
Journal of Risk and Uncertainty     2013
Abstract

Were Jevons, Menger, and Walras Really Cardinalists?
On the Notion of Measurement in Utility Theory,
Psychology, Mathematics, and Other Disciplines, 1870-1910

Ivan Moscati
History of Political Economy     2013
Abstract

Subjective Expected Utility With Incomplete Preferences
Tsogbadral Galaabaatar and Edi Karni
Econometrica     2013
Abstract

Certainty Equivalent Representation of Binary Gambles
That Are Decomposed into Risky and Sure Parts

Yutaka Matsushita
Review of Economics & Finance     2012
Abstract

Data Dispersion in Economics (I) --
Possibility of Restrictions

Alexander Harin
Review of Economics & Finance     2012
Abstract

Data Dispersion in Economics(II) --
Inevitability and Consequences of Restrictions

Alexander Harin
Review of Economics & Finance     2012
Abstract

The Tyranny of Utility: Behavioral Social Science and the Rise of Paternalism, Saint-Paul. Princeton University Press, 2001, vii + 163 pages
Brynn F. Welch
Economics and Philosophy     2013
Abstract

The St. Petersburg Paradox at 300
Christian Seidl
Journal of Risk and Uncertainty     2013
Abstract

Pareto utility
Masako Ikefuji, Roger J. A. Laeven, Jan Magnus and Chris Muris
Theory and Decision     2013
Abstract

Bayesian decision theory
with action-dependent probabilities and risk attitudes

Edi Karni
Economic Theory     2013
Abstract

Utilities bounded below
Roman Muraviev and Leonard C G Rogers
Annals of Finance     2013
Abstract

Expected utility theory from the frequentist perspective
Tai-Wei Hu
Economic Theory     2013
Abstract

Composite indicator development
using utility function and fuzzy theory

S-K Lee and J-H Yu
Journal of the Operational Research Society     2013
Abstract

The empirical evidence against neoclassical utility theory:
a review of the literature

Mehmet Karacuka and Asad Zaman
International Journal of Pluralism and Economics Education     2012
Abstract

Stability of exponential utility maximization
with respect to market perturbations

Erhan Bayraktar and Ross Kravitz
Stochastic Processes and their Applications     2013
Abstract

INTERTEMPORAL UTILITY SMOOTHING: THEORY AND APPLICATIONS
Katsutoshi Wakai
The Japanese Economic Review     2013
Abstract

The arguments of utility: Preference reversals
in expected utility of income models

Luke Lindsay
Journal of Risk and Uncertainty     2013
Abstract

Intertemporal utility smoothing under uncertainty
Katsutoshi Wakai
Theory and Decision     2013
Abstract

Representation theory for risk
on markowitz-tversky-kahneman topology

Godfrey Cadogan
Economics Bulletin     2012
Abstract

Experienced vs. Described Uncertainty:
Do We Need Two Prospect Theory Specifications?

Mohammed Abdellaoui, Olivier L'Haridon and Corina Paraschiv
Management Science     2011
Abstract

Preface Book Title:
Microeconomic Foundations I: Choice and Competitive Markets

David M. Kreps
Introductory Chapters from Princeton University Press     2012
Abstract

On the multi-utility representation of preference relations
Ozgur Evren and Efe A. Ok
Journal of Mathematical Economics     2011
Abstract

Estimating utility functions using generalized maximum entropy
Cesaltina Pires, Andreia Dionisio and Luis Coelho
Journal of Applied Statistics     2013
Abstract

Probability and Risk: Foundations and Economic Implications
of Probability-Dependent Risk Preferences

Helga Fehr-Duda and Thomas Epper
Annual Review of Economics     2012
Abstract

Dealing with negative marginal utilities
in the discrete choice modeling of labor supply

Philippe Liegeois and Nizamul Islam
Economics Letters     2012
Abstract

A genuine foundation for prospect theory
Ulrich Schmidt and Horst Zank
Journal of Risk and Uncertainty     2012
Abstract

When is ambiguity–attitude constant?
Jurgen Eichberger, Simon Grant and David Kelsey
Journal of Risk and Uncertainty     2012
Abstract

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Metadata added/revised in 2012 Undated

Probability and Risk:
Foundations and Economic Implications
of Probability-Dependent Risk Preferences

Helga Fehr-Duda and Thomas Epper
Annual Review of Economics     2012
Abstract

Relative concave utility for risk and ambiguity
Aurelien Baillon, Bram Driesen and Peter P. Wakker
Games and Economic Behavior     2012
Abstract

A dynamic Ellsberg urn experiment
Adam Dominiak, Peter Duersch and Jean-Philippe Lefort
Games and Economic Behavior     2012
Abstract

Risk aversion for nonsmooth utility functions
Andreas Wurth and Johannes M. Schumacher
Journal of Mathematical Economics     2011
Abstract

On the multi-utility representation of preference relations
Ozgur Evren and Efe A. Ok
Journal of Mathematical Economics     2011
Abstract

UTILITY MAXIMIZATION WITH INTERMEDIATE CONSUMPTION
UNDER RESTRICTED INFORMATION FOR JUMP MARKET MODELS

Claudia Ceci
International Journal of Theoretical and Applied Finance (IJTAF)     2012
Abstract

CONSUMER UTILITY THEORY TO BUSINESS MANAGEMENT
Lorena CROITOR
The USV Annals of Economics and Public Administration     2012
Abstract

Small noise methods for risk-sensitive/robust economies
Evan W. Anderson, Lars Peter Hansen and Thomas J. Sargent
Journal of Economic Dynamics and Control     2012
Abstract

The Troika paradox
Pavlo R. Blavatskyy
Economics Letters     2012
Abstract

A new solution to the St Petersburg paradox
and estimates under uncertainty

Wang Wen Hui
China Finance Review International     2011
Abstract

Realistic utility versus game utility: a proposal
for dealing with the spread of uncertain prospects

Benito Vittorio Frosini
Statistica     2012
Abstract

A Gentle Introduction to Risk Aversion and Utility Theory
David A. Cather
Risk Management and Insurance Review     2010
Abstract

Psychophysical interpretation for utility measures
Yuqing He
Economics - The Open-Access, Open-Assessment E-Journal     2012
Abstract

Allais for all: Revisiting the paradox
in a large representative sample

Steffen Huck and Wieland Muller
Journal of Risk and Uncertainty     2012
Abstract

Are bygones bygones?
Robin Cubitt, Maria Ruiz-Martos and Chris Starmer
Theory and Decision     2012
Abstract

Probabilistic choice and stochastic dominance
Pavlo Blavatskyy
Economic Theory     2012
Abstract

Least Concave Ordinal Utility Function
and the Marshalian Cardinal Utility

Taradas Bandyopadhyay and Tapan Biswas
Review of Economic Analysis     2012
Abstract

Theorems of existence of the ruptures
in numerical segments and in the probability scale
and possibilities of their application

Alexander Harin EconStor Open Access Articles     2011
Abstract

On the quality of Taylor approximations to expected utility
Georgios Skoulakis
Applied Financial Economics     2012
Abstract

DECISION THEORY WITH IMPRECISE PROBABILITIES
R. A. Aliev, W. Pedrycz and O. H. Huseynov
International Journal of Information Technology & Decision Making (IJITDM)     2012
Abstract

Testing for Utility Maximization with Error and the Loss of Power
Jan Heufer
German Economic Review     2012
Abstract

Utilitarianism – Origins and Evolution
Cosma Sorinel
Ovidius University Annals, Economic Sciences Series     2011
Abstract

Aspects concerning entropy and utility
A. Hoseinzadeh, G. Mohtashami Borzadaran and G. Yari
Theory and Decision     2012
Abstract

Information Theory and Observational Limitations
in Decision Making

David Wolpert and David S. Leslie
The B.E. Journal of Theoretical Economics     2012
Abstract

CONDITIONAL CERTAINTY EQUIVALENT
Marco Frittelli and Marco Maggis
International Journal of Theoretical and Applied Finance (IJTAF)     2011
Abstract

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Metadata added/revised in 2011 Undated

On intermediate utility functions
Thomas Eichner
Quality & Quantity: International Journal of Methodology     2009
Abstract

THE CARDINALIST MANIFESTO:
THE EPISTEMOLOGY OF THE MEASURABILITY OF UTILITY

Jonathan Andreas
Journal of the History of Economic Thought     2011
Abstract

Can non-expected utility theories explain
the paradox of not voting?

Serge Blondel and Louis LA©vy-garboua
Economics Bulletin     2011
Abstract

A theorem for Bayesian group decisions
Ralph Keeney and Robert Nau
Journal of Risk and Uncertainty     2011
Abstract

Continuity of utility functions representing fuzzy preferences
Louis Fono and Maurice Salles
Social Choice and Welfare     2011
Abstract

Attitudes toward uncertainty and randomization:
an experimental study

Adam Dominiak and Wendelin Schnedler
Economic Theory     2011
Abstract

Utility indifference valuation for jump risky assets
Claudia Ceci and Anna Gerardi
Decisions in Economics and Finance     2011
Abstract

Interval scalability of rank-dependent utility
Mikhail V. Sokolov
Theory and Decision     2011
Abstract

Cumulative prospect theory
challenges traditional expected utility theory

Saziye Gazioglu and Nilifer Cal?skan
Applied Financial Economics     2011
Abstract

The evolution of decision and experienced utility
Arthur Robson and Larry Samuelson
Theoretical Economics     2011
Abstract

REGARDS UPON EVOLUTION OF UTILITY THEORY
- THE FUNDAMENTAL ELEMENT IN PRICE ESTABLISHMENT

Viorica Stan
Theoretical and Applied Economics     2011
Abstract

Utility-Based Valuation and Hedging of Basis Risk
With Partial Information

Michael Monoyios
Applied Mathematical Finance     2010
Abstract

Philip Schofield, Utility and Democracy:
The Political Thought of Jeremy Bentham

Stephen G. Engelmann
Utilitas     2010
Abstract

J. S. Mill's Conception of Utility
Ben Saunders
Utilitas     2010
Abstract

The creator, human conduct and the maximisation of utility
in Gossen's economic theory

Philippe Steiner
European Journal of the History of Economic Thought     2011
Abstract

Pricing jump risk with utility indifference
Lixin Wu and Min Dai
Quantitative Finance     2009
Abstract

Information, Expected Utility, and Portfolio Choice
Jun Liu, Ehud Peleg and Avanidhar Subrahmanyam
Journal of Financial and Quantitative Analysis     2010
Abstract

Ambiguity, Risk and Portfolio Choice
under Incomplete Information

Jianjun Miao
Annals of Economics and Finance     2009
Abstract

Questions in Decision Theory
Itzhak Gilboa
Annual Review of Economics     2010
Abstract

Uncertainty and measurement error in welfare models for risk changes
Mary Riddel
Journal of Environmental Economics and Management     2011
Abstract

Pleasures of Benthamism:
Victorian Literature, Utility, Political Economy

Kathleen Blake
OUP Catalogue from Oxford University Press     2009
Abstract

Utility and Democracy: The Political Thought of Jeremy Bentham
Philip Schofield
OUP Catalogue from Oxford University Press     2009
Abstract

A new existence result for quadratic BSDEs with jumps
with application to the utility maximization problem

Marie-Amelie Morlais
Stochastic Processes and their Applications     2010
Abstract

The hunt for a descriptive theory of choice under risk
-- A view from the road not taken

Jonathan W. Leland
The Journal of Socio-Economics     2010
Abstract

Subadditivity, patience, and utility:
The effects of dividing time intervals

Patrick McAlvanah
Journal of Economic Behavior & Organization     2010
Abstract

An additively separable representation in the Savage framework
Brian Hill
Journal of Economic Theory     2010
Abstract

Rank-ordering of risk preferences with conventional
and discrete measures

Joseph G. Eisenhauer
The Quarterly Review of Economics and Finance     2010
Abstract

Power utility maximization under partial information:
Some convergence results

D. Covello and M. Santacroce
Stochastic Processes and their Applications     2010
Abstract

Information and preference reversals in lotteries
Niyazi Onur BakIr and Georgia-Ann Klutke
European Journal of Operational Research     2011
Abstract

The reasoning-based expected utility procedure
Robin Cubitt and Robert Sugden
Games and Economic Behavior     2011
Abstract

Decision principles derived from risk measures
Marc J. Goovaerts, Rob Kaas and Roger J.A. Laeven
Insurance: Mathematics and Economics     2010
Abstract

Preferences with frames: A new utility specification
that allows for the framing of risks

Nicholas Barberis and Ming Huang
Journal of Economic Dynamics and Control     2009
Abstract

Evaluation of similarity models for expected utility violations
David E. Buschena and Joseph A. Atwood
Journal of Econometrics     2011
Abstract

Are CEOs expected utility maximizers?
John List and Charles F. Mason
Journal of Econometrics     2011
Abstract

How loss averse are investors in financial markets?
Soosung Hwang and Steve E. Satchell
Journal of Banking & Finance     2010
Abstract

Efficiency and utility: an evolutionary perspective
Stefan Mann and Henry Wustemann
International Journal of Social Economics     2010
Abstract

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Metadata added/revised in 2010 Undated

Finances, in the Light of Utility and Equity Criteria
Mario Pagliacci, Constantin Anghelache and Dan Armeanu
Theoretical and Applied Economics     2008
Abstract

J. S. Mill's Conception of Utility
Ben Saunders
Utilitas     2010
Title

Optimal taxation in the presence of tax evasion:
Expected utility versus prospect theory

Sanjit Dhami and Ali Al-Nowaihi
Journal of Economic Behavior & Organization     2010
Title

On the Utility of Money
Gancho Todorov Ganchev
Economic Studies journal     2010
Abstract

UTILITY MAXIMIZATION IN AFFINE STOCHASTIC VOLATILITY MODELS
Jan Kallsen and Johannes Muhle-Karbe
International Journal of Theoretical and Applied Finance (IJTAF)     2010
Abstract

Anomalies in intertemporal choice,
time-dependent uncertainty and expected utility - A common approach

Herbert Walther
Journal of Economic Psychology     2010
Abstract

Indeterminacy and expectation-driven fluctuations
with non-separable preferences

Kazuo Nishimura and Alain Venditti
Mathematical Social Sciences     2010
Abstract

Reverse common ratio effect
Pavlo Blavatskyy
Journal of Risk and Uncertainty     2010
Abstract

The Limitations of Prospect Theory and the Expected Utility Theory:
A New Theory

Moawia Alghalith
Atlantic Economic Journal     2010
Abstract

Decision Making by Hybrid Probabilistic - Possibilistic Utility Theory
Endre Pap
Panoeconomicus     2009
Abstract

Expected utility paradoxes
Lindon Robison, Robert Shupp and Robert J. Myers
The Journal of Socio-Economics     2010
Abstract

A Theory of Vague Expected Utility
Paola Manzini and Marco Mariotti
The B.E. Journal of Theoretical Economics     2004
Abstract

Information, evolution and utility
Jeroen Swinkels and Larry Samuelson
Theoretical Economics     2006
Abstract

Beyond Earthquakes: The New Directions of Expected Utility Theory
Felipe Zurita
Latin American Journal of Economics-formerly Cuadernos de Economia     2005
Abstract

Decision, Probability and Utility
Peter Gardenfors and Nils-Eric Sahlin
Cambridge Books from Cambridge University Press     1988
Abstract

THE UTILITY OF THE CONSUMER FROM THE ANCIENTS TO THE CLASSICS
Cristina Gabriela ZAMFIR and Gabriela VIRLAN
EuroEconomica     2009
Abstract

An Explanation of Optimal Each-Way Bets
based on Non-Expected Utility Theory

David A. Peel and Davind Law
Journal of Gambling Business and Economics     2009
Abstract

Rationality on the rise: Why relative risk aversion
increases with stake size

Helga Fehr-Duda, Adrian Bruhin, Thomas Epper and Renate Schubert
Journal of Risk and Uncertainty     2010
Abstract

An Essay on the Origin of the Rational Utility Maximization Hypothesis
and a Suggested Modification

Ken McCormick
Eastern Economic Journal     1997
Abstract

An Allais paradox for generalized expected utility theories?
Laetitia Placido and Olivier l'Haridon
Economics Bulletin     2008
Abstract

The valuation of decision and individual welfare: a Humean approach
Andre Lapidus
European Journal of the History of Economic Thought     2010
Abstract

On probabilities and loss aversion
Horst Zank
Theory and Decision     2010
Abstract

What is Utility?
D. W. Haslett
Economics and Philosophy     1990
Abstract

Utility: Ideas and Terminology
Amartya Sen
Economics and Philosophy     1991
Abstract

A utility representation theorem with weaker continuity condition
Tomoki Inoue
Journal of Mathematical Economics     2010
Abstract

The Public Finances, the Utility of the Taxpayer and the Public Services
– towards a New Connecting Model?

Marcel Ioan Bolos
Theoretical and Applied Economics     2007
Abstract

Portfolio selection in stochastic markets with HARA utility functions
Ethem Canakoglu and Suleyman Ozekici
European Journal of Operational Research     2010
Abstract

The Dissociation Between Monetary Assessment and Predicted Utility
On Amir, Dan Ariely and Ziv Carmon
Marketing Science     2008
Abstract

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Metadata added/revised in 2009 Undated

Comparison of Mean-Variance Theory and
Expected-Utility Theory through a Laboratory Experiment

Andrea Morone
Economics Bulletin     2008
Abstract

The shape of the utility function under risk
in the loss domain and the "ruinous losses" hypothesis:
some experimental results

Nathalie Etchart-Vincent
Economics Bulletin     2009
Abstract

A simple test for the violation of the non-satiation axiom
under uncertainty: The theory

Robert Sproule and Calin Valsan
Economics Bulletin     2009
Abstract

A Note on Utility Maximization with Unbounded Random Endowment
Keita Owari
Institute of Economic Research, Hitotsubashi Unive...     2009-10
Abstract

The origin of utility: Sexual selection and conspicuous consumption
Gianni De Fraja
Journal of Economic Behavior & Organization     2009
Abstract

How Sapient is Homo Economicus?
The Evolutionary Origins of Trade,
Ethics and Economic Rationality

Kaushik Basu
esocialsciences.com     2009
Abstract

Robust Exponential Hedging in a Brownian Setting
Keita Owari
Institute of Economic Research, Hitotsubashi Unive...     2009-09
Abstract

Utility-Based Utility
David Cass
Penn Institute for Economic Research, Department o...     2008
Abstract

Distortion of probability and outcome information
in risky decisions

Michael L. DeKay, Patino-Echeverri, Dalia and Paul S. Fischbeck
Organizational Behavior and Human Decision Process...     2009
Abstract

Elementary non-Archimedean utility theory
Frederik S. Herzberg
Mathematical Social Sciences     2009
Abstract

Decision Making and Trade without Probabilities
Jack Douglas Stecher, Radhika Lunawat, Kira Pronin
and John DIckhaut
CIRANO     2007
Abstract

A CLOSER LOOK AT UTILITY MAXIMISED BY ECONOMIC AGENTS
Michal Skorepa
Politicka ekonomie     2008
Abstract

Vector Expected Utility and Attitudes Toward Variation
Marciano Siniscalchi
Econometrica     2009
Abstract

THE UTILITY OF THE CONSUMER FROM THE ANCIENTS TO THE CLASSICS
Cristina Gabriela ZAMFIR and Gabriela VIRLAN
EuroEconomica     2009
Abstract

A simple model of cumulative prospect theory
Ulrich Schmidt and Horst Zank
Journal of Mathematical Economics     2009
Abstract

A More General Non-expected Utility Model
as an Explanation of Gambling Outcomes
for Individuals and Markets

David Peel and David Law
Economica     2009
Abstract

Nozick, Ramsey, and Symbolic Utility
Wesley Cooper
Utilitas     2008
Abstract

Comparing Fuzzy and Probabilistic Approaches
to Preference Uncertainty in Non-Market Valuation

Lili Sun and G. Kooten
Environmental & Resource Economics     2009
Title

Pricing jump risk with utility indifference
Lixin Wu and Min Dai
Quantitative Finance     2009
Abstract

A reformulation of the maxmin expected utility model
with application to agency theory

Edi Karni
Journal of Mathematical Economics     2009
Abstract

Debreu-like properties of utility representations
A. Caserta, A. Giarlotta and S. Watson
Journal of Mathematical Economics     2008
Abstract

Something for nothing: A model of gambling behavior
John Nyman, John W. Welte and Bryan E. Dowd
The Journal of Socio-Economics     2008
Abstract

Decentralized trade, random utility
and the evolution of social welfare

Michihiro Kandori, Roberto Serrano and Oscar Volij
Journal of Economic Theory     2008
Abstract

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Metadata added/revised in 2008 Undated

Explaining the characteristics of the power (CRRA) utility family
Peter P. Wakker
Health Economics     2008
Abstract

Asymmetric or symmetric time preference and discounting
in many facets of economic theory: A miscellany

Paul Samuelson
Journal of Risk and Uncertainty     2008
Title

A Geometric Measure for the Violation of Utility Maximization
Jan Heufer
Rheinisch-Westfalisches Institut fur Wirtschaftsfo...     2008-09
Abstract     Text

Ranking completely uncertain decisions
by the uniform expected utility criterion

Nicolas Gravel, Thierry Marchant and Arunava Sen
Institut d'economie publique (IDEP), Marseille, Fr...     2007-07
Abstract     Text

Calibration Results for Non-Expected Utility Theories
Zvi Safra and Uzi Segal
Econometrica     2008
Abstract

How can a psychologist inform economics?
The strange case of Sidney Siegel

Alessandro Innocenti
Department of Economic Policy, Finance and Develop...     2008-07
Abstract

An Experimental Investigation of Alternatives
to Expected Utility Using Pricing Data

Andrea Morone and Ulrich Schmidt
Economics Bulletin     2008
Abstract     Text

A new approach to modeling decision-making under uncertainty
Edi Karni
Economic Theory     2007
Title

A tractable method to measure utility and loss aversion
under prospect theory

Mohammed Abdellaoui, Han Bleichrodt and Olivier L’Haridon
Journal of Risk and Uncertainty     2008
Title

Utility of gambling II: risk, paradoxes, and data
R. Luce, C. Ng, A. Marley and Janos Aczel
Economic Theory     2008
Title

Walrasian Solutions Without Utility Functions
C-Rene Dominique
University Library of Munich, Germany     2008
Abstract     Text

Non-classical expected utility theory
with application to type indeterminacy

Vladimir I. Danilov and Ariane Lambert-Mogiliansky
PSE (Ecole normale superieure)     2007
Abstract     Text

Decision Making and Trade without Probabilities
Jack Douglas Stecher, Radhika Lunawat, Kira Pronin and John Dickhaut
CIRANO     2007-10
Abstract     Text

Expected utility inequalities: theory and applications
Eduardo Zambrano
Economic Theory     2008
Title

Economics is philosophy, economics is not science
Rupert Read
International Journal of Green Economics     2007
Abstract

Relativity, Rank and the Utility of Income
Matthew D. Rablen
Economic Journal     2008
Abstract

Great Expectations. Part I:
On the Customizability of Generalized Expected Utility

Francis Chu and Joseph Halpern
Theory and Decision     2008
Title

On Ordinal Utility, Cardinal Utility and Random Utility
Richard Batley
Theory and Decision     2008
Title

Risk preferences and changes in background risk
Donald Keenan, Donald Rudow and Arthur Snow
Journal of Risk and Uncertainty     2008
Title

Generalized expected utility, heteroscedastic error,
and path dependence in risky choice

David Buschena and David Zilberman
Journal of Risk and Uncertainty     2008
Title

Utility function of fuzzy preferences on a countable set
under max-*-transitivity

Louis Fono and Nicolas Andjiga
Social Choice and Welfare     2007
Title

ANTICIPATED UTILITY AND RATIONAL EXPECTATIONS
AS APPROXIMATIONS OF BAYESIAN DECISION MAKING

Timothy Cogley and Thomas Sargent
International Economic Review     2008
Abstract

A Model of Utility Smoothing
Katsutoshi Wakai
Econometrica     2008
Abstract

Interpretations Of Utility And Their Implications For The Valuation Of Health
Paul Dolan and Daniel Kahneman
Economic Journal     2008
Abstract

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Metadata added/revised in 2007 Undated

Non-classical expected utility theory
with application to type indeterminacy

Vladimir I. Danilov and Ariane Lambert-Mogiliansky
PSE (Ecole normale superieure)     2007
Abstract     Text

Comparison of Mean-Variance Theory and Expected-Utility Theory
through a Laboratory Experiment

Andrea Morone
Dipartimento di Scienze Economiche - Universita di...     2007-10
Abstract     Text

Institutions for Intuitive Man
Engel Christoph
Max Planck Institute for Research on Collective Go...     2007-08
Abstract     Text

Parametric Weighting Functions
Enrico Diecidue, Ulrich Schmidt and Horst Zank
Christian-Albrechts-University of Kiel, Department...     2007
Abstract     Text

An Experimental Investigation of Alternatives
to Expected Utility Using Pricing Data

Andrea Morone and Ulrich Schmidt
Christian-Albrechts-University of Kiel, Department...     2006
Abstract     Text

Risk Aversion, Wealth, and Background Risk
Luigi Guiso and Monica Paiella
European University Institute     2007
Abstract     Text

What Determines the Shape of the Probability Weighting Function?
Fehr-Duda, Helga, Marc Schurer and Renate Schubert
CER-ETH - Center of Economic Research (CER-ETH) at...     2006
Abstract     Text

Explaining the anomalies of the exponential discounted utility model
Ali al-Nowaihi and Sanjit Dhami
Department of Economics, University of Leicester     2007-09
Abstract     Text

Imprecision as an Account of the Preference Reversal Phenomenon
David J. Butler and Graham C. Loomes
American Economic Review    2007
Abstract
About: "... any successful descriptive theory
of choice and valuation will need to allow in some way for the
imprecision ..."



A New Method of Estimating Risk Aversion
Raj Chetty
American Economic Review     2006
Abstract

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

Peter Wakker, Veronika Kobberling and Christiane Schwieren
Theory and Decision     2007
Abstract

Risk aversion and expected-utility theory: A calibration exercise
Laura Schechter
Journal of Risk and Uncertainty   2007
Abstract

Valuing A Risky Prospect Less Than Its Worst Outcome:
Uncertainty Effect or Task Ambiguity?

Andreas Ortmann, Alexandra Prokosheva, Ondrej Rydval and Ralph Hertwig
Friedrich-Schiller-University Jena, Max-Planck-Ins...   2007-07-18
Abstract     Text

The Origin of Utility
Gianni De Fraja
C.E.P.R. Discussion Papers   2006
Abstract

Experienced Utility as a Standard of Policy Evaluation
Daniel Kahneman and Robert Sugden
Environmental & Resource Economics   2005
Abstract

The Behavioralist Meets the Market:
Measuring Social Preferences and Reputation Effects
in Actual Transactions

John A. List
Journal of Political Economy   2006
Abstract     Text of the corresponding Working Paper

On the Paradigm of Loss Aversion
Horst Zank
School of Economics, The University of Manchester   2007
Title

Would You Be Happier If You Were Richer? A Focusing Illusion
Daniel Kahneman, Alan Krueger, David Schkade, Norbert Schwarz and Arthur Stone
Princeton University, Department of Economics, Cen...   2006
Abstract     Text

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Year 2014

Top 2014 institutions in the field of Utility Models & Prospect Theory
(#, (rank), name):

      1. (1,46)   Department of Economics, Harvard University    

      2. (3,29)   Department of Economics, Boston University    

      3. (3,40)   Faculteit der Economische Wetenschappen,
Erasmus Universiteit Rotterdam


      4. (3,57)   Department of Economics, Oxford University    

      5. (4,93)   Department of Economics, University of California-San Diego

      6. (5,48)   Paris School of Economics    

      7. (5,73)   National Bureau of Economic Research (NBER)    

      8. (12,20)   Toulouse School of Economics (TSE)    

      9. (14,52)   London School of Economics (LSE)    

      10. (14,65)   Anderson Graduate School of Management, University of California-Los Angeles (UCLA)    


Top 2014 authors in the field of Utility Models & Prospect Theory
(#, (rank), name):

      1. (1,56)   Peter P. Wakker    

      2. (2,88)   Larry G. Epstein    

      3. (5,48)   Harry M. Markowitz

      4. (7,50)   Andrei Shleifer    

      5. (8,32)   Peter E. Rossi    

      6. (9,43)   Edi Karni    

      7. (9,68)   Robert Sugden    

      8. (10,25)   Charles F. Manski    

      9. (11,24)   Glenn W. Harrison    

      10. (11,80)   Colin Camerer    



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3. Utility Problems & Paradoxes (more)
The Allais paradox (modified)

Suppose Mr. Somebody offers you a choice of only one of the following:
A guaranteed gain of $99.
Or
A lottery:
The gain of $100 with the probability P(preliminary) = 99%
or
$0 with the (preliminary) probability 1%.

The mathematical expectations of guarantee and lottery outcomes are exactly the same. But people chose the guaranteed gain instead of the lottery.


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Gains and Losses

Compare two experiments:

1) Mr. Somebody offers you a choice of only one of the following:
A guaranteed gain of $99.
Or
A lottery:
The gain of $100 with the probability P(preliminary) = 99%
or
$0 with the (preliminary) probability 1%.


2) Mr. Somebody offers you a choice of only one of the following:
A guaranteed loss of $99.
Or
A lottery:
The loss of $100 with the probability P(preliminary) = 99%
or
$0 with the (preliminary) probability 1%.


The mathematical expectations of the guarantee and lottery outcomes are exactly the same in both experiments. But in similar experiments, the overwhelming majority of people chose:
- in the case of gains - the guaranteed gain instead of the lottery one.
- in the case of losses - the lottery loss instead of the guaranteed one.
The possible well-known "natural and clear explanation" of gains in the Allais paradox by means of risk aversion cannot supply any uniform explanation for both gains and losses. The result of this explanation is gains' risk aversion and losses' risk seeking.


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Overweighting of low Probabilities

Suppose Mr. Somebody offers you a choice of only one of the following:
A guaranteed gain of $1.
Or
A lottery:
The gain of $100 with the probability P(preliminary) = 1%
or
$0 with the (preliminary) probability 1%.

The mathematical expectations of guarantee and lottery outcomes are exactly the same. But the well-determined experimental fact is: in similar experiments the obvious majority of people chose the lottery instead of the guaranteed gain.


Four-Fold-Pattern

The well-determined facts are:
For positive (gains) risky prospects, people typically
        1) overweight low probabilities but
        2) underweight high probabilities.
For negative (losses) risky prospects, people typically
        3) underweight low probabilities but
        4) overweight high probabilities.
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4. New Approach (more)    
The idea of the approach

Particular consideration of (hidden) uncertainties
(noises, fluctuations, measurements' errors, imprecision, etc.)

Principle of Uncertain Future
(simplified as much as possible)
The principle

The probability of a future event contains uncertainty.

4.1. The first consequence of the principle

Suppose we plan to test the probability value, which is equal to 99%.
Suppose the probability uncertainty value is equal to 5%.
Then, evidently, the real mean value of probability cannot be as high as 99%.
Generally,
High probabilities will decrease.
Phigh real < Phigh planned
Analogously, but considering the second consequence of the principle (see below),
Low probabilities can increase.
Plow real possible > Plow planned

4.2. The second consequence of the principle

The total probability of unforeseen future events
is more than 0%

Σ Punforeseen real > 0%
Hence,
The present total probability of future events
is less than 100%

Σ Pplanned < 100%
or
The present probability system of future events
is incomplete.


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5. Solution of Problems (more)    

The strongest qualitative test is the 4-Fold-Pattern.

Solution & Explanation
of the 4-Fold-Pattern
(simplified as much as possible)

The well-determined facts are:
For positive (gains) risky prospects, people typically
        1) overweight low probabilities but
        2) underweight high probabilities.
For negative (losses) risky prospects, people typically
        3) underweight low probabilities but
        4) overweight high probabilities.

Denoting the real value of probability,
which value is near 100% as Phigh real ,
the (positive) value of gain as G
and the (negative) value of loss as -G ,
we obtain
Phigh real < Phigh planned

and
G * Phigh real < G * Phigh planned

-G * Phigh real > -G * Phigh planned

        2) the underweight of high probabilities gains and
        4) the overweight of high probabilities losses.
Denoting the real value of probability,
which value is near 0% as Plow real possible
we obtain
Plow real possible > Plow planned

and
G * Plow real possible > G * Plow planned

-G * Plow real possible < -G * Plow planned

        1) the overweight of low probabilities gains and
        3) the underweight of low probabilities losses.
Thus, the above facts can be explained naturally and uniformly.


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Copyright ® Alexander Harin