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The Axiomatic Basis of Anticipated Utility: A Clarification

Authors
Journal
Journal of Economic Theory
0022-0531
Publisher
Elsevier
Publication Date
Volume
64
Issue
2
Identifiers
DOI: 10.1006/jeth.1994.1078
Disciplines
  • Mathematics

Abstract

Abstract Quiggin ( J. Econ. Behav. Organization 3 (1982), 323-345) introduced anticipated ("rank-dependent") utility theory into decision making under risk. Questions have been raised about mathematical aspects of Quiggin′s analysis. This paper settles these questions and shows that a minor modification of Quiggin′s axioms leads to a useful and correct result, with features not found in other recent axiomatizations. Journal of Economic Literature Classification Number: D81.

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