Double rank dependent expected utility (DRDEU) model in individual judgments
Yenalyev Maxim Mihailovich
Additional contact information
Yenalyev Maxim Mihailovich: Petro Mohyla Black Sea State University
European journal of economics and management sciences, 2015, issue 4, pages 75-79
This study aims to present a new model of decision making in risk that uses double weighting (for probabilities and potential outcomes) process (DRDEU model). In article is shown that the new rank dependent model can explain empirical data better than other coalescing models. It’s shown that Allais paradox and Ellsberg paradox can be explained within this model’s frameworks too.
Keywords: UTILITY THEORY; DECISION MAKING; COALESCING PRINCIPLE; EVENT-SPLITTING EFFECT; ALLAIS PARADOX; ELLSBERG PARADOX (search for similar items in EconPapers)
References: Add references at CitEc
Citations Track citations by RSS feed
Downloads: (external link)
http://cyberleninka.ru/article/n/double-rank-depen ... individual-judgments
This item may be available elsewhere in EconPapers: Search for items with the same title.
Export reference: BibTeX
RIS (EndNote, ProCite, RefMan)
Persistent link: http://EconPapers.repec.org/RePEc:scn:032479:16178646
Access Statistics for this article
More articles in European journal of economics and management sciences from CyberLeninka, «East West» Association for Advanced Studies and Higher Education GmbH
Series data maintained by CyberLeninka ().