search query: @author Sarin, R. K. / total: 21
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| Author: | Becker, J. L. Sarin, R. K. |
| Title: | Lottery dependent utility. |
| Journal: | Management Science
1987 : NOV, VOL. 33:11, p. 1367-1382 |
| Index terms: | UTILITY THEORY DECISION MAKING RISK |
| Language: | eng |
| Abstract: | There is described a model for decision making under risk that is capable of predicting empirically observed preference patterns that have been found to be incompatible with the expected utility model. The model departs from the classical expected utility model by allowing utilities to depend on the lottery. The dependence of utilities on the lottery being evaluated is achieved by restricting the utility measure to a convenient parametric family of functions. The idea is to use each lottery to determine a specific parameter value thus characterizing the utility function for each particular lottery. |
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