A Revealed-Preference Implication of Weighted Utility Decisions Under Uncertainty

Park, In-Uck
1993-09
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A Revealed-Preference Implication of Weighted Utility Decisions Under Uncertainty

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1993-09

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Center for Economic Research, Department of Economics, University of Minnesota

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Working Paper

Abstract

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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Center for Economic Research Discussion Papers

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Discussion Paper
 270

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Park, I., (1993), "A Revealed-Preference Implication of Weighted Utility Decisions Under Uncertainty", Discussion Paper No. 270, Center for Economic Research, Department of Economics, University of Minnesota.

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Park, In-Uck. (1993). A Revealed-Preference Implication of Weighted Utility Decisions Under Uncertainty. Retrieved from the University Digital Conservancy, https://hdl.handle.net/11299/55716.

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