A theory of vague expected utility

Paola Manzini; Marco Mariotti

doi:10.2202/1534-598X.1168

A theory of vague expected utility

Paola Manzini^*, Marco Mariotti

^*Corresponding author for this work

School of Economics

Research output: Contribution to journal › Article (Academic Journal) › peer-review

4 Citations (Scopus)

Abstract

We propose a new theory of choice between lotteries, which combines an 'economic' view of decision making - based on a rational, though incomplete, ordering - with a 'psychological' view - based on heuristics. This theory can explain observed violations of EU theory, namely all cyclical patterns of choice as well as violations of independence.

Original language	English
Article number	10
Journal	Topics in Theoretical Economics
Volume	4
Issue number	1
DOIs	https://doi.org/10.2202/1534-598X.1168
Publication status	Published - 2004

Bibliographical note

Copyright:
Copyright 2018 Elsevier B.V., All rights reserved.

Keywords

Cyclical preferences
Expected utility
Incomplete preference relation

Access to Document

10.2202/1534-598X.1168

Handle.net

Persistent link

Cite this

@article{69c697b5cadd478cafd49222d6218540,

title = "A theory of vague expected utility",

abstract = "We propose a new theory of choice between lotteries, which combines an 'economic' view of decision making - based on a rational, though incomplete, ordering - with a 'psychological' view - based on heuristics. This theory can explain observed violations of EU theory, namely all cyclical patterns of choice as well as violations of independence.",

keywords = "Cyclical preferences, Expected utility, Incomplete preference relation",

author = "Paola Manzini and Marco Mariotti",

year = "2004",

doi = "10.2202/1534-598X.1168",

language = "English",

volume = "4",

journal = "Topics in Theoretical Economics",

issn = "1534-598X",

publisher = "Berkeley Electronic Press",

number = "1",

}

TY - JOUR

T1 - A theory of vague expected utility

AU - Manzini, Paola

AU - Mariotti, Marco

PY - 2004

Y1 - 2004

N2 - We propose a new theory of choice between lotteries, which combines an 'economic' view of decision making - based on a rational, though incomplete, ordering - with a 'psychological' view - based on heuristics. This theory can explain observed violations of EU theory, namely all cyclical patterns of choice as well as violations of independence.

AB - We propose a new theory of choice between lotteries, which combines an 'economic' view of decision making - based on a rational, though incomplete, ordering - with a 'psychological' view - based on heuristics. This theory can explain observed violations of EU theory, namely all cyclical patterns of choice as well as violations of independence.

KW - Cyclical preferences

KW - Expected utility

KW - Incomplete preference relation

UR - https://www.scopus.com/pages/publications/14844359054

U2 - 10.2202/1534-598X.1168

DO - 10.2202/1534-598X.1168

M3 - Article (Academic Journal)

AN - SCOPUS:14844359054

SN - 1534-598X

VL - 4

JO - Topics in Theoretical Economics

JF - Topics in Theoretical Economics

IS - 1

M1 - 10

ER -

A theory of vague expected utility

Abstract

Bibliographical note

Keywords

Access to Document

Handle.net

Other files and links

Fingerprint

Cite this