Preference cloud theory

Published: Jan 1, 2016
Abstract
This study presents Preference Cloud Theory, a two-step model of decision making under risk. It also includes an experimental study on valuation gap which provides supporting results for the new theory. The new theory provides an explanation for empirically observed anomalies of Expected Utility Theory such as the Allais Paradox, valuation gap, and preference reversals. Central to the theory is the incorporation of preference imprecision, which...
Paper Details
Title
Preference cloud theory
Published Date
Jan 1, 2016
Journal
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