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Risk aversion in the theory of expected utility with rank dependent probabilities
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 theExpand
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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
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On the Interpretation of the Nash Bargaining Solution and Its Extension to Non-expected Utility Preferences
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 extensionExpand
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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-interestExpand
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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 preferenceExpand
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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 localExpand
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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 onExpand
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Existence and dynamic consistency of Nash equilibrium with non-expected utility preferences
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 beExpand
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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 toExpand
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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 thatExpand
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