A combination of expected utility and maxmin decision criteria

Research output: Contribution to journalArticlepeer-review

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 languageEnglish
Pages (from-to)405-420
Number of pages16
JournalJournal of Mathematical Psychology
Volume32
Issue number4
DOIs
StatePublished - Dec 1988
Externally publishedYes

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