Utility of gambling II: Entropy-modified linear weighted utility

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dc.contributor.author Luce, R en_US
dc.contributor.author Ng, C en_US
dc.contributor.author Marley, Anthony en_US
dc.contributor.author Aczel, Janos en_US
dc.contributor.editor en_US
dc.date.accessioned 2012-02-02T11:02:27Z
dc.date.available 2012-02-02T11:02:27Z
dc.date.issued 2008 en_US
dc.identifier 2010000427 en_US
dc.identifier.citation Luce R et al. 2008, 'Utility of gambling II: Entropy-modified linear weighted utility', Springer-Verlag, vol. 36, no. 2, pp. 165-187. en_US
dc.identifier.issn 0938-2259 en_US
dc.identifier.other C1UNSUBMIT en_US
dc.identifier.uri http://hdl.handle.net/10453/15735
dc.description.abstract We specialize our results on entropy-modified representations of event-based gambles to representations of probability-based gambles by assuming an implicit event structure underlying the probabilities, and adding assumptions linking the qualitative properties of the former and the latter. Under segregation and under duplex decomposition, we obtain numerical representations consisting of a linear weighted utility term plus a term corresponding to information-theoretical entropies. These representations accommodate the Allais paradox and most of the data due to Birnbaum and associates. A representation of mixed event-and probability-based gambles accommodates the Ellsberg paradox. We suggest possible extensions to handle the data not accommodated. en_US
dc.language en_US
dc.publisher Springer-Verlag en_US
dc.relation.isbasedon http://dx.doi.org/10.1007/s00199-007-0259-y en_US
dc.title Utility of gambling II: Entropy-modified linear weighted utility en_US
dc.parent Economic Theory en_US
dc.journal.volume 36 en_US
dc.journal.number 2 en_US
dc.publocation Heidelberg en_US
dc.identifier.startpage 165 en_US
dc.identifier.endpage 187 en_US
dc.cauo.name BUS.The Dean's Unit en_US
dc.conference Verified OK en_US
dc.for 140100 en_US
dc.personcode 0000065143 en_US
dc.personcode 0000065126 en_US
dc.personcode 102475 en_US
dc.personcode 0000065140 en_US
dc.percentage 100 en_US
dc.classification.name Economic Theory en_US
dc.classification.type FOR-08 en_US
dc.edition en_US
dc.custom en_US
dc.date.activity en_US
dc.location.activity en_US
dc.description.keywords Duplex decomposition - Entropy - Functional equations - Linear weighted utility - Segregation - Expected utility - Utility of gambling - Utility paradoxes - Independence properties en_US


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