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Erscheinungsjahr: 
2025
Quellenangabe: 
[Journal:] Theoretical Economics [ISSN:] 1555-7561 [Volume:] 20 [Issue:] 1 [Year:] 2025 [Pages:] 1-25
Verlag: 
The Econometric Society, New Haven, CT
Zusammenfassung: 
We introduce and analyze expected balanced uncertain utility (EBUU) theory. A prior and a balanced outcome-set utility characterize an EBUU decision maker. Conditional on a reference or "balancing value," the latter assigns a utility to each outcome-set. The decision maker associates with each act, its envelope, the minimal measurable mapping from states to outcome-sets that contains the act. She then (implicitly) ranks an act according to the balancing value at which the expected balanced utility of its associated envelope is zero. As a consequence, her risk preferences need only exhibit betweenness allowing for behavior that can accommodate Allais-type paradoxes.
Schlagwörter: 
ambiguity
betweenness
Uncertainty
JEL: 
D80
D81
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