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Double rank dependent expected utility (DRDEU) model in individual judgments

Yenalyev Maxim Mihailovich
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Yenalyev Maxim Mihailovich: Petro Mohyla Black Sea State University

European journal of economics and management sciences, 2015, issue 4, pages 75-79

Abstract: 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)
Date: 2015
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