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Order indifference and rank-dependent probabilities

Article Abstract:

A rank-dependent model axiomization has been developed for making decisions in conditions of uncertainty, building on a two-stage lottery analysis, and assuming indifference to which order is selected for resolving uncertainty in certain two-stage lotteries. Anticipated utility theory, or rank dependent theory was developed by Quiggin, and the model is derived from expected utility theory, and is a particular example with a broader functionals set.

Noncommercial research organizations, Decision-making, Models, Decision making, Analysis, Econometrics, Axiomatic set theory, Functions (Mathematics), Functional equations

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How complicated are betweenness preferences?

Article Abstract:

Previous research has identified several families of transitive non-expected utility preferences, including the betweenness, the rank dependent expected utility, the weighted utility, the quadratic utility and the disappointment aversion families. A taxonomy of some of these families can be made on the basis of complexity. Results show that order 3 complexities exist for the expected utility, the weighted utility and the betweenness families.

Research, Demand (Economics), Utility theory, Utility functions

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