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Risk, Probabilities, and a New Theory of Cardinal Utility
16 references·16 citing·25 second hopsampled
Risk, Probabilities, and a New Theory of Cardinal Utility (1977)Risk, Probabilities, and a New Theory of …Theory of games and economic behavior (2019)Theory of games and economic …An Experimental Measurement of Utility (2007)An Experimental Measurement o…THE DEMAND FOR RISKY ASSETS (1977)THE DEMAND FOR RISKY ASSETSBehavioral Decision Theory (1977)Behavioral Decision TheoryRisk Aversion in the Small and in the Large (1976)Risk Aversion in the Small an…Essays in the Theory of Risk-Bearing. (1972)Essays in the Theory of Risk-…Additivity, utility, and subjective probability (1967)Additivity, utility, and subj…Risk, Ambiguity, and the Savage Axioms (1961)Risk, Ambiguity, and the Sava…Liquidity Preference as Behavior Towards Risk (1958)Liquidity Preference as Behav…The prediction of decisions among bets. (1955)The prediction of decisions a…The theory of decision making. (1954)The theory of decision making.Exposition of a New Theory on the Measurement of Risk (1954)Exposition of a New Theory on…The Utility of Wealth (1952)The Utility of WealthThe Utility Analysis of Choices Involving Risk (1948)The Utility Analysis of Choic…Foundations of Economic Analysis. (1948)Foundations of Economic Analy…An Experimental Study of the Auction-Value of an Uncertain Outcome (1948)An Experimental Study of the …A review of nudges: Definitions, justifications, effectiveness (2021)A review of nudges: Definitio…Assessment and Estimation of Risk Preferences (2014)Assessment and Estimation of …APPLICATIONS OF BEHAVIOURAL ECONOMICS TO TAX EVASION (2012)APPLICATIONS OF BEHAVIOURAL E…Static portfolio choice under cumulative prospect theory (2010)Static portfolio choice under…Fuzzy Measure and Probability Distributions: Distorted Probabilities (2005)Fuzzy Measure and Probability…A Genuine Rank-Dependent Generalization of the Von Neumann-Morgenstern Expected Utility Theorem (2002)A Genuine Rank-Dependent Gene…Recent Tests of Generalizations of Expected Utility Theory (1992)Recent Tests of Generalizatio…On the Optimal Design of Lotteries (1991)On the Optimal Design of Lott…Recent developments in modelling preferences under risk (1987)Recent developments in modell…Lottery Dependent Utility (1987)Lottery Dependent UtilityGeneralized Expected Utility Analysis and the Nature of Observed Violations of the Independence Axiom (1983)Generalized Expected Utility …RISK PERCEPTION AND THE ANALYSIS OF RISK ATTITUDES* (1981)RISK PERCEPTION AND THE ANALY…Behavioral and Organizational Considerations in the Design of Information Systems and Processes for Planning and Decision Support (1981)Behavioral and Organizational…Subjectively weighted utility and the Allais Paradox (1979)Subjectively weighted utility…On Handa's "New Theory of Cardinal Utility" and the Maximization of Expected Return (1978)On Handa's "New Theory of Car…Cost-Benefit Analysis Under Uncertainty (1977)Cost-Benefit Analysis Under U…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)Handbook of Emotions (1993)Well-being : the foundations of hedonic psychology (1999)Investor Psychology and Asset Pricing (2001)Toward a positive theory of consumer choice (1980)Prospect theory: An analysis of decision under risk (1988)Risk as feelings. (2001)Moral Hazard and Observability (1979)The New Institutional Economics: Taking Stock, Looking Ahead (2000)The Framing of Decisions and the Psychology of Choice (1981)Advances in prospect theory: Cumulative representation of uncertainty (1992)Agency for International Development (1978)Signaling in Retrospect and the Informational Structure of Markets (2002)Existence of an equilibrium for a competitive economy (2008)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)Non-cooperative games (1989)Financial Intermediation and Delegated Monitoring (1984)Risk Aversion and Incentive Effects (2002)A perspective on judgment and choice: Mapping bounded rationality. (2003)Maps of Bounded Rationality: Psychology for Behavioral Economics (2003)
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References

  • 2019Theory of games and economic behavior16,630 cited
  • 1961Risk, Ambiguity, and the Savage Axioms7,892 cited
  • 1976Risk Aversion in the Small and in the Large4,655 cited
  • 1948Foundations of Economic Analysis.4,128 cited
  • 1972Essays in the Theory of Risk-Bearing.3,991 cited
  • 1958Liquidity Preference as Behavior Towards Risk3,916 cited
  • 1948The Utility Analysis of Choices Involving Risk3,097 cited
  • 1954Exposition of a New Theory on the Measurement of Risk2,787 cited
  • 1954The theory of decision making.2,708 cited
  • 1952The Utility of Wealth1,845 cited
  • 1977Behavioral Decision Theory1,731 cited
  • 1977THE DEMAND FOR RISKY ASSETS1,052 cited
  • 2007An Experimental Measurement of Utility418 cited
  • 1948An Experimental Study of the Auction-Value of an Uncertain Outcome326 cited
  • 1955The prediction of decisions among bets.288 cited
  • 1967Additivity, utility, and subjective probability280 cited

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1977
Cost-Benefit Analysis Under Uncertainty
242 cited
  • 1981Behavioral and Organizational Considerations in the Design of Information Systems and Processes for Planning and Decision Support225 cited
  • 2012APPLICATIONS OF BEHAVIOURAL ECONOMICS TO TAX EVASION183 cited
  • 1987Recent developments in modelling preferences under risk166 cited
  • 2021A review of nudges: Definitions, justifications, effectiveness164 cited
  • 1992Recent Tests of Generalizations of Expected Utility Theory157 cited
  • 2010Static portfolio choice under cumulative prospect theory155 cited
  • 1983Generalized Expected Utility Analysis and the Nature of Observed Violations of the Independence Axiom148 cited
  • 1981RISK PERCEPTION AND THE ANALYSIS OF RISK ATTITUDES*146 cited
  • 1991On the Optimal Design of Lotteries123 cited
  • 1987Lottery Dependent Utility115 cited
  • 2002A Genuine Rank-Dependent Generalization of the Von Neumann-Morgenstern Expected Utility Theorem109 cited
  • 1979Subjectively weighted utility and the Allais Paradox108 cited
  • 1978On Handa's "New Theory of Cardinal Utility" and the Maximization of Expected Return88 cited
  • 2005Fuzzy Measure and Probability Distributions: Distorted Probabilities71 cited
  • 2014Assessment and Estimation of Risk Preferences65 cited