A unifying approach to axiomatic non-expected utility theories

Soo Hong Chew · Larry G. Epstein

101 citations0/0 files storedJournal of Economic Theory

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Abstract

This paper unifies the two principal thrusts in the literature on axiomatic theories of transitive preferences which generalize expected utility theory; namely, the betweenness conforming theories and the rank-dependent theories. The unification is achieved in two respects. First, new axiomatizations are provided for the existing theories based on separability restrictions in outcome space. These axiomatizations bring into clear focus both the similarities and the differences between the existing theories. Second, an axiomatization is provided for a new class of preferences which includes existing classes as special cases.

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References

1979Prospect Theory: An Analysis of Decision under Risk 1988Prospect theory: An analysis of decision under risk 1982A theory of anticipated utility 1987The Dual Theory of Choice under Risk 1960MATHEMATICAL METHODS IN THE SOCIAL SCIENCES, 1959 1982"Expected Utility" Analysis without the Independence Axiom 2008Topological methods in cardinal utility theory 1982Nontransitive measurable utility

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1993Additive representations on rank-ordered sets 2011The Choquet integral with respect to a level dependent capacity 2010OPTIMAL DEMAND FOR CONTINGENT CLAIMS WHEN AGENTS HAVE LAW INVARIANT UTILITIES 1988Rank-dependent, subjective expected-utility representations 2004Implications of a Changing Economic Structure for the Strategy of Monetary Policy 1999Comonotonicity axioms and rank-dependent expected utility theory for arbitrary consequences

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