Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/192447 
Autor:innen: 
Erscheinungsjahr: 
2006
Schriftenreihe/Nr.: 
Discussion Papers No. 465
Verlag: 
Statistics Norway, Research Department, Oslo
Zusammenfassung: 
This paper develops a theory of probabilistic models for risky choices. Part of this theory can be viewed as an extension of the expected utility theory to account for bounded rationality. One probabilistic version of the Archimedean Axiom and two versions of the Independence Axiom are proposed. In addition, additional axioms are proposed of which one is Luce's Independence from Irrelevant Alternatives. It is demonstrated that different combinations of the axioms yield different characterizations of the probabilities for choosing the respective risky prospects. An interesting feature of the models developed is that they allow for violations of the expected utility theory known as the common consequence effect and the common ratio effect.
Schlagwörter: 
Random tastes
bounded rationality
independence from irrelevant alternatives
probabilistic choice among lotteries
Allais paradox.
JEL: 
C25
D11
D81
Dokumentart: 
Working Paper

Datei(en):
Datei
Größe
383.08 kB





Publikationen in EconStor sind urheberrechtlich geschützt.