CHAPTER 3 Applications of Non‐Expected Utility
Bibliographic Data
| ID | 23623403 |
|---|---|
| Authors | Han Bleichrodt (0000-0002-2700-412X), Ulrich Schmidt (0000-0002-4812-3312) |
| Year | 2009 |
| Pages | 90-112 |
| Publication date | 2009-01-15 |
| Peer Reviewed | Yes |
| Open Access | No |
| Type | CHAPTER |
| Venue | The Oxford handbook of rational and social choice (SOURCE_BOOK) |
| Publisher | Oxford University PressOxford (PUBLISHER) |
| DOI | 10.1093/acprof:oso/9780199290420.003.0004 |
| OpenAlex | W117274588 |
| ISBN | 9780199290420 |
| Language | EN |
| References cited | 70 |
Expected utility is the dominant framework for analyzing decisions under risk and uncertainty. Many empirical studies show that people deviate systematically from expected utility. To accommodate these deviations new, non‐expected utility models have been proposed. Among these models prospect theory is the most influential. This chapter studies applications of non‐expected utility and in particular prospect theory in insurance economics, auctions, and health economics. This chapter shows how the insights from non‐expected utility have improved understanding of people's choices and have led to improved decisions and more accurate measurements of utility.
Common value auction · Economics · Expected utility hypothesis · Mathematical economics · Microeconomics · Prospect theory · Subjective expected utility · Utility theory · Von Neumann–Morgenstern utility theorem · Computer Science · Decision-Making and Behavioral Economics · Economic and Environmental Valuation · Healthcare Policy and Management
On the Shape of the Probability Weighting Function
A Theory of Auctions and Competitive Bidding
Parameter-Free Elicitation of Utility and Probability Weighting Functions
The estimation of a preference-based measure of health from the SF-36
Curvature of the Probability Weighting Function
Le Comportement de l'Homme Rationnel devant le Risque
Weighing risk and uncertainty.
The Dual Theory of Choice under Risk
"Expected Utility" Analysis without the Independence Axiom
Developments in Non-Expected Utility Theory
A theory of anticipated utility
Risk Aversion in the Small and in the Large
Advances in prospect theory
Risk, Ambiguity, and the Savage Axioms
Prospect Theory
Alternative Models of Choice Under Uncertainty and Demand for Health Insurance
The Endowment Effect and Expected Utility
Aspects of Rational Insurance Purchasing
The Validity of Qalys under Non‐Expected Utility
Methodological Issues of Patient Utility Measurement Experience From Two Clinical Trials
| Citation velocity | historical |
|---|---|
| Highly cited | No |