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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.
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Submitted on : Sunday, November 18, 2012 - 9:56:35 PM
Last modification on : Sunday, November 18, 2012 - 9:56:55 PM

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

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