Generalized Expected Utility Theory: The Rank-Dependent Model

by John Quiggin

Book Overview

Economic analysis of choice under uncertainty has been dominated by the expected utility (EU) model, yet the EU model has never been without critics. Psychologists accumulated evidence that individual choices under uncertainty were inconsistent with the predictions of the EU model. Applied work in areas such as finance was dominated by the simpler mean-variance analysis. In the 1980s this skepticism was dispelled as a number of generalizations of...

• Format: Paperback
• Language: English
• ISBN: 9401049661
• ISBN13: 9789401049665
• Release Date: September 2012
• Publisher: Springer
• Length: 208 Pages
• Weight: 0.70 lbs.
• Dimensions: 0.5" x 6.1" x 9.2"