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Browsing by Subject "D81"

Now showing 1 - 2 of 2
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    A Revealed-Preference Implication of Weighted Utility Decisions Under Uncertainty
    (Center for Economic Research, Department of Economics, University of Minnesota, 1993-09) Park, In-Uck
    Revealed preference of the weighted utility theory of Chew (1983) is investigated in the same set-up as Green and Osband (1991) for expected utility theory; the structure of the partition of the state simplex according to the chosen act is examined. It is shown that the boundary between two partition elements generated by a weighted utility is the solution set to a quadratic equation. Moreover, except for special "symmetric" pairs of acts, weighted utilities in a generic set produce revealed preference partitions with non-affine boundaries, so that they are distinguishable from those of expected utilities which have affine boundaries according to Green and Osband.
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    A Theory of Demand for Gambles
    (Center for Economic Research, Department of Economics, University of Minnesota, 2004-09) Nyman, John A.
    Although gambling is primarily an economic activity, no single theory of the demand for gambles has gained wide-spread acceptance among economists. This paper proposes a simple model of the demand for gambling that is based on the standard economic assumptions that (1) resources are scarce and (2) consumer's utility increases with income at a decreasing rate. This model has the advantages that (1) it is based solely on changes in income, (2) is potentially applicable to most consumers, (3) preserves the assumption of diminishing marginal utility of income, (4) is consistent with the insurance-buying gambler, and (5) has intuitive appeal.