Utility of gambling II: Entropy-modified linear weighted utility

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dc.contributor.author Luce, RD
dc.contributor.author Ng, CT
dc.contributor.author Marley, AA
dc.contributor.author Aczel, J
dc.date.accessioned 2012-02-02T11:02:27Z
dc.date.issued 2008-01
dc.identifier.citation Economic Theory, 2008, 36 (2), pp. 165 - 187
dc.identifier.issn 0938-2259
dc.identifier.other C1UNSUBMIT en_US
dc.identifier.uri http://hdl.handle.net/10453/15735
dc.description.abstract We specialize our results on entropy-modified representations of event-based gambles to representations of probability-based gambles by assuming an implicit event structure underlying the probabilities, and adding assumptions linking the qualitative properties of the former and the latter. Under segregation and under duplex decomposition, we obtain numerical representations consisting of a linear weighted utility term plus a term corresponding to information-theoretical entropies. These representations accommodate the Allais paradox and most of the data due to Birnbaum and associates. A representation of mixed event-and probability-based gambles accommodates the Ellsberg paradox. We suggest possible extensions to handle the data not accommodated.
dc.publisher Springer-Verlag
dc.relation.isbasedon 10.1007/s00199-007-0259-y
dc.title Utility of gambling II: Entropy-modified linear weighted utility
dc.type Journal Article
dc.description.version Published
dc.parent Economic Theory
dc.journal.volume 2
dc.journal.volume 36
dc.journal.number 2 en_US
dc.publocation Heidelberg en_US
dc.identifier.startpage 165 en_US
dc.identifier.endpage 187 en_US
dc.cauo.name BUS.The Dean's Unit en_US
dc.conference Verified OK en_US
dc.for 1401 Economic Theory
dc.personcode 102475
dc.percentage 100 en_US
dc.classification.name Economic Theory en_US
dc.classification.type FOR-08 en_US
dc.edition en_US
dc.custom en_US
dc.date.activity en_US
dc.location.activity en_US
dc.description.keywords Duplex decomposition - Entropy - Functional equations - Linear weighted utility - Segregation - Expected utility - Utility of gambling - Utility paradoxes - Independence properties en_US
dc.description.keywords Science & Technology
dc.description.keywords Technology
dc.description.keywords Physical Sciences
dc.description.keywords Engineering, Civil
dc.description.keywords Water Resources
dc.description.keywords Engineering
dc.description.keywords ENGINEERING, CIVIL
dc.description.keywords WATER RESOURCES
dc.description.keywords recycling & reuse of materials
dc.description.keywords sewage treatment & disposal
dc.description.keywords water supply
pubs.embargo.period Not known
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 - Study of Choice
utslib.copyright.status Closed Access
utslib.copyright.date 2015-04-15 12:17:09.805752+10
utslib.collection.history Closed (ID: 3)

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