Generalized Expected Utility Theory. The Rank-Dependent Model

Georges Dionne · John C. Quiggin

478 citations0/0 files storedJournal of Risk & Insurance

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Decision-Making and Behavioral Economics Economic and Environmental Valuation Experimental Behavioral Economics Studies

Abstract

1 Uncertainty.- 2 Background.- 3 EU Theory.- 4 The Challenge to EU Theory.- 5 Rank-Dependent Expected Utility - An Outline.- 6 Risk Aversion in RDEU Theory.- 7 Comparative Statics for RDEU Theory.- 8 Risk Seeking and Lottery Design.- 9 Some Normative Properties of RDEU.- 10 RDEU and Experimental Evidence.- 11 Axiomatic Approaches to RDEU.- 12 Generalized Smooth Utility and RDEU.- 13 Stochastic Dominance and Independence Rules.- 14 Extensions.- References.- Index of Names.- Topic Index.

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2009Lectures on Stochastic Programming: Modeling and Theory 2008Risk Aversion in the Laboratory 1997Axiomatic characterization of insurance prices 2005Household Portfolio Diversification: A Case for Rank-Dependent Preferences 2008New paradoxes of risky decision making.2008Does Wage Rank Affect Employees’ Well‐being?2001Making Descriptive Use of Prospect Theory to Improve the Prescriptive Use of Expected Utility 2002Prospect Theory: Much Ado About Nothing?

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