New Tools to Better Model Behavior Under Risk and UNcertainty: An Oevrview
Alain Chateauneuf (),
Michèle Cohen () and
Papiers d'Economie MathÃ©matique et Applications from UniversitÃ© PanthÃ©on-Sorbonne (Paris 1)
Normative models of behaviour under risk in the framework of expected utility (EU) or under uncertainty in the framework of subjective expected utility (SEU) are very limited. In this survey paper, it is shown that non-expected utility (non-EU) models based on the Choquet integral allow for much more diversified behavior, both under risk and under uncertainty.
Keywords: RISK; UTILITY FUNCTION; MODELS (search for similar items in EconPapers)
JEL-codes: D81 C60 (search for similar items in EconPapers)
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Persistent link: https://EconPapers.repec.org/RePEc:fth:pariem:97.55
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