A Combination of Expected Utility and Maxmin Decision Criteria

Itzhak Gilboa (1)

1 Northwestern University [Evanston]

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.

Mots clés: Expected Utility; Maxmin Decision Criteria

Domaines: Economie et sciences de la décision

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⟩