A combination of expected utility and maxmin decision criteria

Itzhak Gilboa

doi:10.1016/0022-2496(88)90020-X

A combination of expected utility and maxmin decision criteria

Itzhak Gilboa^*

^*Corresponding author for this work

Northwestern University

Research output: Contribution to journal › Article › peer-review

34 Scopus citations

Abstract

A new explanation of the Allais paradox is suggested. A decision rule representable by an increasing function of the expected utility and the minimum utility is axiomatized. The lexicographic separability of this function is also discussed and axiomatized.

Original language	English
Pages (from-to)	405-420
Number of pages	16
Journal	Journal of Mathematical Psychology
Volume	32
Issue number	4
DOIs	https://doi.org/10.1016/0022-2496(88)90020-X
State	Published - Dec 1988
Externally published	Yes

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A combination of expected utility and maxmin decision criteria

Abstract

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