non-expected utility theory

Abstract

Beginning with the work of Allais and Edwards in the early 1950s and continuing through the present, psychologists and economists have uncovered a growing body of evidence that individuals do not necessarily conform to many of the key assumptions or predictions of the expected utility model of choice under uncertainty, and seem to depart from this model in systematic and predictable ways. This has led to the development of alternative models of preferences over objectively or subjectively uncertain prospects, which seek to accommodate these systematic departures from the expected utility model while retaining as much of its analytical power as possible.

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