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Critical Examination of the New Foundation of Utility
16 references·14 citing·33 second hop
Critical Examination of the New Foundation of Utility (1979)Critical Examination of the New Foundatio…Games and Decisions (2015)Games and Decisions1. Decision Theory and Human Behavior (2014)1. Decision Theory and Human …The Rationale of the Mean-Standard Deviation Analysis, Skewness Preference, and the Demand for Money (1989)The Rationale of the Mean-Sta…Risk Aversion in the Small and in the Large (1976)Risk Aversion in the Small an…The Fundamental Approximation Theorem of Portfolio Analysis in terms of Means, Variances and Higher Moments (1970)The Fundamental Approximation…The economics of uncertainty (1968)The economics of uncertaintyRISK AND THE REQUIRED RETURN ON EQUITY (1967)RISK AND THE REQUIRED RETURN …Aspects of the Theory of Risk-Bearing. (1966)Aspects of the Theory of Risk…Investment Decision Under Uncertainty: Choice-Theoretic Approaches (1965)Investment Decision Under Unc…Risk Aversion in the Small and in the Large (1964)Risk Aversion in the Small an…The Structure of Scientific Revolutions (1963)The Structure of Scientific R…Behavioral Decision Theory (1961)Behavioral Decision TheoryLiquidity Preference as Behavior Towards Risk (1958)Liquidity Preference as Behav…The theory of decision making. (1954)The theory of decision making.An Axiomatic Approach to Measurable Utility (1953)An Axiomatic Approach to Meas…The Psychological Bulletin (1904)The Psychological BulletinAllais Paradox (2018)Allais ParadoxAnother Solution for Allais Paradox: Preference Imprecision, Dispersion and Pessimism (2016)Another Solution for Allais P…Theory of Generalized Risk Attitudes (2015)Theory of Generalized Risk At…Real-Life Decisions and Decision Theory (2012)Real-Life Decisions and Decis…Sequential decision making with adaptive utility (2008)Sequential decision making wi…Allais Paradox (2008)Allais ParadoxAllais Paradox (1990)Allais ParadoxAllais Paradox (1987)Allais ParadoxThe Generalized Means Model (GMM) For Non-Deterministic Decision Making: A Unified Treatment for the two Contending Theories (1986)The Generalized Means Model (…Surviving Implications of Expected Utility Theory (1986)Surviving Implications of Exp…The Generalized Means Model (GMM) for non-deterministic decision making: Its normative and descriptive power, including sketch of the representation theorem (1985)The Generalized Means Model (…Rules of behavior and expected utility theory. Compatibility versus dependence (1985)Rules of behavior and expecte…The Foundations of the Theory of Utility and Risk Some Central Points of The Discussions at the Oslo Conference (1984)The Foundations of the Theory…A Reply to Allais (1979)A Reply to AllaisThe Utility Analysis of Choices Involving Risk (1948)Le Comportement de l'Homme Rationnel devant le Risque: Critique des Postulats et Axiomes de l'Ecole Americaine (1953)Rational choice and the structure of the environment. (1956)A Protection Motivation Theory of Fear Appeals and Attitude Change1 (1975)From Intentions to Actions: A Theory of Planned Behavior (1985)Theory of games and economic behavior (2019)Portfolio Selection: Efficient Diversification of Investments (1959)A Note on Uncertainty and Indifference Curves (1969)Lifetime Portfolio Selection under Uncertainty: The Continuous-Time Case (1969)Extreme Value Dependence in Financial Markets: Diagnostics, Models, and Financial Implications (2003)Systemic Risk and International Portfolio Choice (2004)Optimal Portfolio Allocation under Higher Moments (2006)On the measurement of inequality (1970)Risk Aversion and Incentive Effects (2002)The Evolution of Reciprocal Altruism (1971)Characteristics of Organizational Environments and Perceived Environmental Uncertainty (1972)The New Institutionalism: Organizational Factors in Political Life (1983)EFFICIENT CAPITAL MARKETS: A REVIEW OF THEORY AND EMPIRICAL WORK* (1970)Risk, Return, and Equilibrium: Empirical Tests (1973)THE VALUATION OF RISK ASSETS AND THE SELECTION OF RISKY INVESTMENTS IN STOCK PORTFOLIOS AND CAPITAL BUDGETS**This paper is another in a series of interrelated theoretical and statistical studies of corporate financial and investment policies being made under grants from the Rockefeller Foundation, and more recently the Ford Foundation, to the Harvard Business School. The generous support for this work is most gratefully acknowledged. The author is also much indebted to his colleagues Professors Bishop, Christenson, Kahr, Raiffa, and (especially) Schlaifer, for extensive discussion and commentary on an earlier draft of this paper; but responsibility for any errors or imperfections remains strictly his own.[Professor Sharpe's paper, “Capital Asset Prices: A Theory of Market Equilibrium Under Conditions of Risk” (Journal of Finance, September 1964) appeared after this paper was in final form and on its way to the printers. My first section, which parallels the first half of his paper (with corresponding conclusions), sets the algebraic framework for sections II, III and VI, (which have no counterpart in his paper) and for section IV on the equilibrium prices of risk assets, concerning which our results differ significantly for reasons which will be explored elsewhere. Sharpe does not take up the capital budgeting problem developed in section V below.] (1975)Financial Intermediation and Delegated Monitoring (1984)Prospect theory: An analysis of decision under risk (1988)Well-being : the foundations of hedonic psychology (1999)The Social Construction of Reality: A Treatise in the Sociology of Knowledge. (1967)Competing paradigms in qualitative research. (1994)Sample Size in Qualitative Interview Studies (2015)Norm theory: Comparing reality to its alternatives. (1986)Perception of Risk (1987)Putting the fear back into fear appeals: The extended parallel process model (1992)A Review and an Integration of Research on Job Burnout (1993)What's the difference? diversity constructs as separation, variety, or disparity in organizations (2007)The weirdest people in the world? (2010)The arbitrage theory of capital asset pricing (1976)
this work references cited by second hop

References

  • 1963The Structure of Scientific Revolutions35,276 cited
  • 1964Risk Aversion in the Small and in the Large4,964 cited
  • 1976Risk Aversion in the Small and in the Large4,655 cited
  • 1904The Psychological Bulletin4,187 cited
  • 1958Liquidity Preference as Behavior Towards Risk3,916 cited
  • 2015Games and Decisions3,632 cited
  • 1954The theory of decision making.2,708 cited
  • 1966Aspects of the Theory of Risk-Bearing.1,888 cited
  • 1961Behavioral Decision Theory784 cited
  • 1970The Fundamental Approximation Theorem of Portfolio Analysis in terms of Means, Variances and Higher Moments731 cited
  • 1953An Axiomatic Approach to Measurable Utility704 cited
  • 1967RISK AND THE REQUIRED RETURN ON EQUITY666 cited
  • 1965Investment Decision Under Uncertainty: Choice-Theoretic Approaches357 cited
  • 1989The Rationale of the Mean-Standard Deviation Analysis, Skewness Preference, and the Demand for Money349 cited
  • 20141. Decision Theory and Human Behavior302 cited
  • 1968The economics of uncertainty297 cited

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Cited by

  • 1984The Foundations of the Theory of Utility and Risk Some Central Points of The Discussions at the Oslo Conference25 cited
  • 1987Allais Paradox22 cited
  • 1990Allais Paradox20 cited
  • 1985Rules of behavior and expected utility theory. Compatibility versus dependence15 cited
  • 1985The Generalized Means Model (GMM) for non-deterministic decision making: Its normative and descriptive power, including sketch of the representation theorem11 cited
  • 1979A Reply to Allais10 cited
  • 2008Sequential decision making with adaptive utility7 cited
  • 2012Real-Life Decisions and Decision Theory5 cited
  • 1986The Generalized Means Model (GMM) For Non-Deterministic Decision Making: A Unified Treatment for the two Contending Theories5 cited
  • 2015Theory of Generalized Risk Attitudes3 cited
  • 2018Allais Paradox2 cited
  • 2008Allais Paradox1 cited
  • 1986Surviving Implications of Expected Utility Theory1 cited
  • 2016Another Solution for Allais Paradox: Preference Imprecision, Dispersion and Pessimism0 cited