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A theory of vague expected utility

journal contribution
posted on 2004-01-01, 00:00 authored by P Manzini, Marco MariottiMarco Mariotti
We propose a new theory of choice between lotteries, which combines an 'economic' view of decision making - based on a rational, though incomplete, ordering - with a 'psychological' view - based on heuristics. This theory can explain observed violations of EU theory, namely all cyclical patterns of choice as well as violations of independence. Copyright ©2004 by the authors. All rights reserved.

History

Journal

Topics in Theoretical Economics

Volume

4

Issue

1

ISSN

1534-598X

eISSN

1534-598X

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