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The Dual Theory of Choice under Risk
Abstract
This paper investigates the consequences of the following modification of Expected Utility theory: instead of requiring independence with respect to probability mixtures of risky prospects, require independence with respect to direct mixing of payments o f risky prospects. A new theory of choice under risk- a so-called Dual theory-is obtained. Within this new theory, the following questions are considered: (1) numerical representation of preferences; (2) properties of the utility function; ( 3) the possibility for resolving the "paradoxes" of Expected Utilit y theory; ( 4) the characterization of risk aversion; and (5) comparative statics. The paper ends with a discussion of other non-Expected Utility theories proposed recently. Copyright 1987 by The Econometric Society.
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Citations
Cited by
Advances in prospect theory: Cumulative representation of uncertainty
Tversky, A., & Kahneman, D. (1992) · Journal of Risk and Uncertainty · doi:10.1007/bf00122574 · Cited by 15,467
Sen, A., & Foster, J. (1973) · doi:10.1093/0198281935.001.0001 · Cited by 3,429
Myopic Loss Aversion and the Equity Premium Puzzle
Benartzi, S., & Thaler, R. H. (1995) · The Quarterly Journal of Economics · doi:10.2307/2118511 · Cited by 2,487
Recent developments in modeling preferences: Uncertainty and ambiguity
Camerer, C., & Weber, M. (1992) · Journal of Risk and Uncertainty · doi:10.1007/bf00122575 · Cited by 1,795
Decision Making Over Time and Under Uncertainty: A Common Approach
Prelec, D., & Loewenstein, G. (1991) · Management Science · doi:10.1287/mnsc.37.7.770 · Cited by 594
Metadata
- Authors
- Yaari, M. E.
- Venue
- Econometrica
- Publisher
- JSTOR
- Published
- 1987-01
- Volume
- 55
- Issue
- 1
- Pages
- 95
- ISSN
- 0012-9682 (ISSN-L)
- OpenAlex
- W2056819186
- Cited by
- 2,419
- References
- 0
- FWCI
- 23.24
- Type
- journal article
- Language
- en
- Open access
- closed
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- Yaari, M. E. (1987). The Dual Theory of Choice under Risk. Econometrica. https://doi.org/10.2307/1911158
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Contains information from the Semantic Scholar Academic Graph Datasets, made available under the ODC Attribution License (ODC-BY 1.0).
Semantic Scholar’s data is described in: Kinney, R., et al. (2023). The Semantic Scholar Open Data Platform. arXiv:2301.10140.
