Independence properties vis-a-vis several utility representations

Marley, AA; Luce, RD

Independence properties vis-a-vis several utility representations

Marley, AA Luce, RD

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Publisher:: Springer
Publication Type:: Journal Article
Citation:: Theory and Decision, 2005, 58 (1), pp. 77 - 143
Issue Date:: 2005-01

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Field	Value	Language
dc.contributor.author	Marley, AA	en_US
dc.contributor.author	Luce, RD	en_US
dc.date.issued	2005-01	en_US
dc.identifier.citation	Theory and Decision, 2005, 58 (1), pp. 77 - 143	en_US
dc.identifier.issn	0040-5833	en_US
dc.identifier.uri	http://hdl.handle.net/10453/15948
dc.description.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.	en_US
dc.publisher	Springer	en_US
dc.relation.ispartof	Theory and Decision	en_US
dc.relation.isbasedon	10.1007/s11238-005-2460-4	en_US
dc.subject.classification	Economic Theory	en_US
dc.title	Independence properties vis-a-vis several utility representations	en_US
dc.type	Journal Article
utslib.citation.volume	1	en_US
utslib.citation.volume	58	en_US
utslib.for	1402 Applied Economics	en_US
utslib.for	14 Economics	en_US
utslib.for	17 Psychology and Cognitive Sciences	en_US
utslib.for	22 Philosophy and Religious Studies	en_US
pubs.embargo.period	Not known	en_US
pubs.organisational-group	/University of Technology Sydney
pubs.organisational-group	/University of Technology Sydney/Faculty of Business
pubs.organisational-group	/University of Technology Sydney/Strength - CENSOC - Study of Choice
utslib.copyright.status	closed_access
pubs.consider-herdc	false	en_US
pubs.issue	1	en_US
pubs.volume	58	en_US

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.

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http://hdl.handle.net/10453/15948