Ordinal utility models of decision making under uncertainty
Abstract
This paper studies two models of rational behavior under uncertainty whose predictions are invariant under ordinal transformations of utility. The ‘quantile utility’ model assumes that the agent maximizes some quantile of the distribution of utility. The ‘utility mass’ model assumes maximization of the probability of obtaining an outcome whose utility is higher than some fixed critical value. Both models satisfy weak stochastic dominance....
Paper Details
Title
Ordinal utility models of decision making under uncertainty
Published Date
Jul 1, 1988
Journal
Volume
25
Issue
1
Pages
79 - 104
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