Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/257590 
Year of Publication: 
2022
Citation: 
[Journal:] Games [ISSN:] 2073-4336 [Volume:] 13 [Issue:] 1 [Article No.:] 13 [Publisher:] MDPI [Place:] Basel [Year:] 2022 [Pages:] 1-10
Publisher: 
MDPI, Basel
Abstract: 
We present a novel characterization of random rank-dependent expected utility for finite datasets and finite prizes. As a byproduct, we obtain a characterization of random expected utility that works for finite datasets. The test lends itself to statistical testing. We apply our test to an experimental dataset and find evidence against random expected utility, while random rank-dependent expected utility can explain the dataset.
Subjects: 
expected utility
random utility
rank-dependent expected utility
JEL: 
C50
C51
C52
C91
Persistent Identifier of the first edition: 
Creative Commons License: 
cc-by Logo
Document Type: 
Article
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