Rank-dependent expected utility
id:
rank-dependent-expected-utility-300-16991561
title:
Rank-dependent expected utility
text:
The rank-dependent expected utility model is a generalized expected utility model of choice under uncertainty, designed to explain the behaviour observed in the Allais paradox, as well as for the observation that many people both purchase lottery tickets and insure against losses. A natural explanation of these observations is that individuals overweight low-probability events such as winning the lottery, or suffering a disastrous insurable loss. In the Allais paradox, individuals appear to forg
brand slug:
wiki
category slug:
encyclopedia
description:
Generalized expected utility model of choice under uncertainty
original url:
https://en.wikipedia.org/wiki/Rank-dependent_expected_utility
date created:
date modified:
2023-03-24T07:43:42Z
main entity:
{"identifier":"Q7293196","url":"https://www.wikidata.org/entity/Q7293196"}
image:
fields total:
13
integrity:
14