A stochastic model for assessing the utility of chance

Sudip Bose

Statistics & Probability Letters, 2014, vol. 93, issue C, 72-77

Abstract: We consider the problem of assessing the utility of chance. One approach is based on offering a decision maker a choice between receiving a fixed chance and a gamble. We investigate theoretical properties of a class of models for the probability of preference of the gamble. We point out an alternative model that models behavior near the boundary more realistically.

Keywords: Choice models; Decision making; Maximum likelihood; Probability; Risk analysis (search for similar items in EconPapers)
Date: 2014
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DOI: 10.1016/j.spl.2014.05.012

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