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Publications Influence

Risk aversion in the theory of expected utility with rank dependent probabilities

- C. S. Hong, E. Karni, Zvi Safra
- Economics
- 1 August 1987

Expected utility with rank dependent probability theory is a model of decision-making under risk where the preference relations on the set of probability distributions is represented by the… Expand

407 23

Preference reversal and the observability of preferences by experimental methods

This paper shows that: (1) the "preference reversal" phenomenon can be consistent with transitive preferences if these preferences violate the independence axiom of expected utility theory and (2)… Expand

351 14

On the Interpretation of the Nash Bargaining Solution and Its Extension to Non-expected Utility Preferences

- A. Rubinstein, Zvi Safra, W. Thomson
- Economics
- 1 September 1992

This paper questions the interpretation of the Nash bargaining solution. A new definition is suggested. Revisions of Nash axioms characterize the solution. The definition makes possible its extension… Expand

154 13

Individual Sense of Justice: A Utility Representation

We present an axiomatic model depicting the choice behavior of a self-interest seeking moral individual over random allocation procedures. Individual preferences are decomposed into a self-interest… Expand

119 11

Constant Risk Aversion

Abstract Constant risk aversion means that adding a constant to all outcomes of two distributions, or multiplying all their outcomes by the same positive number, will not change the preference… Expand

86 7- PDF

Dominance Axioms and Multivariate Nonexpected Utility Preferences

This paper deals with nonexpected utility preferences over multivariate distributions. The authors present two equivalent dominance axioms, implying an additivety separable structure of the local… Expand

14 4

Calibration Results for Non‐Expected Utility Theories

Rabin proved that a low level of risk aversion with respect to small gambles leads to a high, and absurd, level of risk aversion with respect to large gambles. Rabin's arguments strongly depend on… Expand

70 3- PDF

Existence and dynamic consistency of Nash equilibrium with non-expected utility preferences

- Eddie Dekel, Zvi Safra, U. Segal
- Economics
- 1 December 1991

Sufficient conditions for the existence of a Nash equilibrium are given when preferences may violate the reduction of compound lotteries assumption (RCLA). Without RCLA decision makers may not be… Expand

59 3- PDF

Ascending bid auctions with behaviorally consistent bidders

Decision makers whose preferences do not satisfy the independence axiom of expected utility theory, when faced with sequential decisions will act in a dynamically inconsistent manner. In order to… Expand

51 3

Generalized Utilitarianism and Harsanyi's Impartial Observer Theorem

We provide an axiomatization of generalized utilitarian social welfare functions in the context of Harsanyi's impartial observer theorem. To do this, we reformulate Harsanyi's problem such that… Expand

55 3- PDF

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