Preference probability between gambles as a step function of event probability.

Abstract

This experiment is another of the studies arising ultimately from the utility ideas of Ramsey (1931) and von Neumann and Morgenstern (1947). It is based on a probabilistic analysis of choices among uncertain outcomes that rests upon two major assumptions. (Luce, 1959, Ch. 3). One, a general choice axiom, relates the choice probabilities for any set of three… (More)

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Cite this paper

@article{Luce1962PreferencePB, title={Preference probability between gambles as a step function of event probability.}, author={R. Duncan Luce and Elizabeth F. Shipley}, journal={Journal of experimental psychology}, year={1962}, volume={63}, pages={42-9} }