One-reason decision-making: Modeling violations of expected utility theory
نویسندگان
چکیده
منابع مشابه
One-reason decision-making: Modeling violations of expected utility theory
People violate expected utility theory and this has been traditionally modeled by augmenting its weight-and-add framework by nonlinear transformations of values and probabilities. Yet individuals often use one-reason decision-making when making court decisions or choosing cellular phones, and institutions do the same when creating rules for traffic safety or fair play in sports. We analyze a mo...
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Non-expected utility theories, such as rank dependent utility (RDU) theory, have been proposed as alternative models to EU theory in decision making under risk. These models do not share the separability property of expected utility theory. This implies that, in a decision tree, if the reduction of compound lotteries assumption is made (so that preferences at each decision node reduce to RDU pr...
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The development of a design science rests on the ideal that design is anchored in a set of fundamental axioms similar to the more ‘traditional’ sciences of mathematics and physics. However, the axioms upon which a design science is constructed must reflect that design is a science of the artificial. It is our contention that such axioms may exist in DecisionBased Design as those formulated by v...
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ژورنال
عنوان ژورنال: Journal of Risk and Uncertainty
سال: 2008
ISSN: 0895-5646,1573-0476
DOI: 10.1007/s11166-008-9042-0