Independence Properties Vis-À-Vis Several Utility Representations

A. Marley and R. Luce ()

Theory and Decision, 2005, vol. 58, issue 1, 77-143

Abstract: A detailed theoretical analysis is presented of what five utility representations – subjective expected utility (SEU), rank-dependent (cumulative or Choquet) utility (RDU), gains decomposition utility (GDU), rank weighted utility (RWU), and a configural-weight model (TAX) that we show to be equivalent to RWU – say about a series of independence properties, many of which were suggested by M. H. Birnbaum and his coauthors. The goal is to clarify what implications to draw about the descriptive aspects of the representations from data concerning these properties. The upshot is a sharp rejection of SEU and RDU and no clear choice between GDU and TAX, but a list of 8 properties is given that should receive more attention to discriminate between the latter two models. Copyright Springer 2005

Keywords: Independence properties; Rank-dependent utility; Rank weighted utility; TAX utility; Weighted utility (search for similar items in EconPapers)
Date: 2005
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (5)

Downloads: (external link)
http://hdl.handle.net/10.1007/s11238-005-2460-4 (text/html)
Access to full text is restricted to subscribers.

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:kap:theord:v:58:y:2005:i:1:p:77-143

Ordering information: This journal article can be ordered from
http://www.springer. ... ry/journal/11238/PS2

DOI: 10.1007/s11238-005-2460-4

Access Statistics for this article

Theory and Decision is currently edited by Mohammed Abdellaoui

More articles in Theory and Decision from Springer
Bibliographic data for series maintained by Sonal Shukla () and Springer Nature Abstracting and Indexing ().