The axiomatic basis of anticipated utility: a clarification
| Authors |
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| Publication date |
1994
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| Journal |
Journal of Economic Theory
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| Volume | Issue number |
64 | 2
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| Pages (from-to) |
486-499
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| Organisations |
-
Faculty of Economics and Business (FEB) - Amsterdam School of Economics Research Institute (ASE-RI)
|
| Abstract |
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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| Document type |
Article
|
| Language |
English
|
| Published at |
https://doi.org/10.1006/jeth.1994.1078
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