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Journal Articles Journal of Mathematical Psychology Year : 1988

A Combination of Expected Utility and Maxmin Decision Criteria

Abstract

A new explanation of the Allais paradox is suggested. A decision rule representable by an increasing function of the expected utility and the minimum utility is axiomatized. The lexicographic separability of this function is also discussed and axiomatized.

Dates and versions

hal-00753244 , version 1 (18-11-2012)

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Itzhak Gilboa. A Combination of Expected Utility and Maxmin Decision Criteria. Journal of Mathematical Psychology, 1988, vol. 32, issue 4, pp. 405-420. ⟨10.1016/0022-2496(88)90020-X⟩. ⟨hal-00753244⟩

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