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Erschienen in:
1991 | OriginalPaper | Buchkapitel
A Rank-Dependent Utility Model with Prize-Dependent Distortion of Probabilities
verfasst von : Clemens Puppe
Erschienen in: Distorted Probabilities and Choice under Risk
Verlag: Springer Berlin Heidelberg
Enthalten in: Professional Book Archive
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In this chapter a new model of choice under risk within the framework of RDU theory is offered. The suggested model contains the expected utility model as a special case. Compared to anticipated utility theory it is more general in one respect and more restrictive in another. It is more general since it allows the probability distortion to depend on the prizes available. But it restricts on the other hand these distortions to be homogeneous in the probabilities.