A revealed-preference implication of weighted utility decisions under uncertainty

In-Uck Park

Economic Theory, 1998, vol. 11, issue 2, 413-426

Abstract: In a novel formulation of revealed preference analysis, Green and Osband [8] show that for expected-utility maximizers, acts partition the state-simplex into linear polyhedral blocks. The question naturally arises whether this characterization distinguishes expected utility theory from non-expected utility theories. This paper investigates the weighted utility theory of Chew [2] and shows that the corresponding partition is systematically different from the expected utility theory: the boundaries of the partition blocks are quadratic rather than linear. This result contains useful empirical contents.

Date: 1998-01-30
Note: Received: May 15, 1995; revised version: November 22, 1996
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Working Paper: A Revealed Preference Implication of Weighted Utility Decisions Under Uncertainty (1993)
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