- The axiomatic basis of anticipated utility: a clarification
- Journal of Economic Theory
- Volume | Issue number
- 64 | 2
- Pages (from-to)
- Document type
- Faculty of Economics and Business (FEB)
- Amsterdam School of Economics Research Institute (ASE-RI)
- Quiggin (1982) introduced anticipated ("rank-dependent") utility theory into decision making under risk. Questions have been raised about mathematical aspects in Quiggin's analysis. This paper settles these questions and shows that a minor modification of Quiggin's axioms leads to a useful and correct result, with features not found in other recent axiomatizations.
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