Journal of Risk and Uncertainty, ISSN 0895-5646, 6/2007, Volume 34, Issue 3, pp. 259 - 286

This paper proposes a new decision theory of how individuals make random errors when they compute the expected utility of risky lotteries. When distorted by...

Risk aversion | Datasets | Experimental data | Economic uncertainty | Decision theory | Utility functions | Lotteries | Expected utility | Random errors | Paradoxes | Expected utility theory | Operations Research/Decision Theory | Environmental Economics | Microeconomics | Stochastic utility | Economic Theory | C91 | Cumulative prospect theory | D81 | Economics / Management Science | DECISION | decision theory | DETERMINISTIC PREFERENCES | BETWEENNESS | RISKY CHOICE | BUSINESS, FINANCE | PROBABILITY WEIGHTING FUNCTION | MODELS | expected utility theory | UNCERTAINTY | ERROR | ECONOMICS | INDEPENDENCE AXIOM | stochastic utility | cumulative prospect theory | PROSPECT-THEORY | Studies | Statistical analysis | Theory | Mathematical models | Stochastic models

Risk aversion | Datasets | Experimental data | Economic uncertainty | Decision theory | Utility functions | Lotteries | Expected utility | Random errors | Paradoxes | Expected utility theory | Operations Research/Decision Theory | Environmental Economics | Microeconomics | Stochastic utility | Economic Theory | C91 | Cumulative prospect theory | D81 | Economics / Management Science | DECISION | decision theory | DETERMINISTIC PREFERENCES | BETWEENNESS | RISKY CHOICE | BUSINESS, FINANCE | PROBABILITY WEIGHTING FUNCTION | MODELS | expected utility theory | UNCERTAINTY | ERROR | ECONOMICS | INDEPENDENCE AXIOM | stochastic utility | cumulative prospect theory | PROSPECT-THEORY | Studies | Statistical analysis | Theory | Mathematical models | Stochastic models

Journal Article

Annals of Operations Research, ISSN 0254-5330, 12/2018, Volume 271, Issue 2, pp. 787 - 809

This note generalizes Gul and Pesendorfer’s random expected utility theory, a stochastic reformulation of von Neumann–Morgenstern expected utility theory for...

Independence axiom | Risk aversion | Business and Management | Random choice | Operations Research/Decision Theory | Theory of Computation | Combinatorics | Expected utility | Random utility | CHOICE | OPERATIONS RESEARCH & MANAGEMENT SCIENCE | PREFERENCE | Lottery industry | Decision-making | Lotteries | Management science | Management | Research | Studies | Economic models | Operations research | Utility theory | Utility functions | Continuity (mathematics)

Independence axiom | Risk aversion | Business and Management | Random choice | Operations Research/Decision Theory | Theory of Computation | Combinatorics | Expected utility | Random utility | CHOICE | OPERATIONS RESEARCH & MANAGEMENT SCIENCE | PREFERENCE | Lottery industry | Decision-making | Lotteries | Management science | Management | Research | Studies | Economic models | Operations research | Utility theory | Utility functions | Continuity (mathematics)

Journal Article

Safety Science, ISSN 0925-7535, 02/2016, Volume 82, pp. 421 - 431

Modelling human behaviour in emergencies has become an important issue in safety engineering. Good behavioural models can help increase the safety of...

Social influences | Evacuation modelling | Random utility theory | Exits choice | Herding behaviour | OPERATIONS RESEARCH & MANAGEMENT SCIENCE | MODEL | SIMULATION | ENGINEERING, INDUSTRIAL | EVACUATION | ROUTE-CHOICE | Evacuation of civilians | Human acts | Terrorism | Human behavior | Analysis | Evacuation routing | Utility theory | Decision making | Emergencies | Models | Safety

Social influences | Evacuation modelling | Random utility theory | Exits choice | Herding behaviour | OPERATIONS RESEARCH & MANAGEMENT SCIENCE | MODEL | SIMULATION | ENGINEERING, INDUSTRIAL | EVACUATION | ROUTE-CHOICE | Evacuation of civilians | Human acts | Terrorism | Human behavior | Analysis | Evacuation routing | Utility theory | Decision making | Emergencies | Models | Safety

Journal Article

Entropy, ISSN 1099-4300, 2017, Volume 19, Issue 4, p. 153

Here, we consider the following inverse problem: Determination of an increasing continuous function U (x) on an interval [a,b] from the knowledge of the...

Inverse problems | Maximum entropy | Uncertain data | Utility function | Interpolation problems | MAXIMUM-ENTROPY | uncertain data | PHYSICS, MULTIDISCIPLINARY | inverse problems | maximum entropy | utility function | interpolation problems | Economic models | Error analysis | Entropy | Derivatives | Interpolation | Utility theory | Integral equations | Integrals | Convexity | Random variables | Continuity (mathematics)

Inverse problems | Maximum entropy | Uncertain data | Utility function | Interpolation problems | MAXIMUM-ENTROPY | uncertain data | PHYSICS, MULTIDISCIPLINARY | inverse problems | maximum entropy | utility function | interpolation problems | Economic models | Error analysis | Entropy | Derivatives | Interpolation | Utility theory | Integral equations | Integrals | Convexity | Random variables | Continuity (mathematics)

Journal Article

Dianli Xitong Zidonghua/Automation of Electric Power Systems, ISSN 1000-1026, 12/2009, Volume 33, Issue 23, pp. 1 - 47

Journal Article

IEEE/ACM Transactions on Networking, ISSN 1063-6692, 12/2016, Volume 24, Issue 6, pp. 3593 - 3606

We develop a social group utility maximization (SGUM) framework for cooperative wireless networking that takes into account both social relationships and...

Couplings | Wireless communication | Social network services | Games | Interference | social group utility maximization | game theory | Mobile communication | mobile social networking | Cooperative networking | Mobile computing | COMPUTER SCIENCE, HARDWARE & ARCHITECTURE | NASH EQUILIBRIA | COMPUTER SCIENCE, THEORY & METHODS | TELECOMMUNICATIONS | RANDOM-ACCESS GAME | DELAY | ENGINEERING, ELECTRICAL & ELECTRONIC | Economic models | Wireless networks | Utility theory | Optimization models | Network management systems | Social networks | Game theory

Couplings | Wireless communication | Social network services | Games | Interference | social group utility maximization | game theory | Mobile communication | mobile social networking | Cooperative networking | Mobile computing | COMPUTER SCIENCE, HARDWARE & ARCHITECTURE | NASH EQUILIBRIA | COMPUTER SCIENCE, THEORY & METHODS | TELECOMMUNICATIONS | RANDOM-ACCESS GAME | DELAY | ENGINEERING, ELECTRICAL & ELECTRONIC | Economic models | Wireless networks | Utility theory | Optimization models | Network management systems | Social networks | Game theory

Journal Article

7.
Full Text
Rigorously testing multialternative decision field theory against random utility models

Journal of Experimental Psychology: General, ISSN 0096-3445, 2014, Volume 143, Issue 3, pp. 1331 - 1348

Cognitive models of decision making aim to explain the process underlying observed choices. Here, we test a sequential sampling model of decision making,...

MDFT | Random utility models | Process models | Context effects | Preferences | context effects | preferences | JOB-FINALIST CHOICE | TIME PRESSURE | SEQUENTIAL SAMPLING MODELS | CONJOINT-ANALYSIS | CONTEXT | PSYCHOLOGY, EXPERIMENTAL | process models | DECOY | random utility models | COMPROMISE | PREFERENTIAL CHOICE | HEALTH-CARE | SELECTION | Young Adult | Humans | Models, Psychological | Adult | Choice Behavior - physiology | Female | Male | Psychological Theory | Decision Making - physiology | Judgment - physiology | Decision-making | Psychological aspects | Choice (Psychology) | Models | Analysis | Context effects (Psychology)

MDFT | Random utility models | Process models | Context effects | Preferences | context effects | preferences | JOB-FINALIST CHOICE | TIME PRESSURE | SEQUENTIAL SAMPLING MODELS | CONJOINT-ANALYSIS | CONTEXT | PSYCHOLOGY, EXPERIMENTAL | process models | DECOY | random utility models | COMPROMISE | PREFERENTIAL CHOICE | HEALTH-CARE | SELECTION | Young Adult | Humans | Models, Psychological | Adult | Choice Behavior - physiology | Female | Male | Psychological Theory | Decision Making - physiology | Judgment - physiology | Decision-making | Psychological aspects | Choice (Psychology) | Models | Analysis | Context effects (Psychology)

Journal Article

Economic Theory, ISSN 0938-2259, 10/2003, Volume 22, Issue 3, pp. 607 - 611

In this paper, it is shown that, for a wide range of risk-averse generalized expected utility preferences, independent risks are complementary, contrary to the...

Risk aversion | Income inequality | Addition | Economic theory | Axioms | Preference utilitarianism | Risk aversion preference | Random variables | Grants | Expected utility | JEL Classification Numbers: D8 | and Phrases: Background risk, Constant risk aversion, Generalized expected utility theory | Constant risk aversion | Generalized expected utility theory | Background risk | INEQUALITY | AVERSION | ECONOMICS | INDEPENDENCE AXIOM | background risk | constant risk aversion | generalized expected utility theory | INDEXES

Risk aversion | Income inequality | Addition | Economic theory | Axioms | Preference utilitarianism | Risk aversion preference | Random variables | Grants | Expected utility | JEL Classification Numbers: D8 | and Phrases: Background risk, Constant risk aversion, Generalized expected utility theory | Constant risk aversion | Generalized expected utility theory | Background risk | INEQUALITY | AVERSION | ECONOMICS | INDEPENDENCE AXIOM | background risk | constant risk aversion | generalized expected utility theory | INDEXES

Journal Article

Journal of Choice Modelling, ISSN 1755-5345, 2010, Volume 3, Issue 3, pp. 57 - 72

We briefly review and discuss traditional conjoint analysis (CA) and discrete choice experiments (DCEs), widely used stated preference elicitation methods in...

discrete choice experiments | random utility theory | conjoint analysis | Conjoint analysis | Random utility theory | Discrete choice experiments

discrete choice experiments | random utility theory | conjoint analysis | Conjoint analysis | Random utility theory | Discrete choice experiments

Journal Article

Theory and Decision, ISSN 0040-5833, 3/2018, Volume 84, Issue 2, pp. 181 - 204

While the paradigm of utility maximisation has formed the basis of the majority of applications in discrete choice modelling for over 40 years, its core...

Economics | Behavioural patterns | Behavioral/Experimental Economics | Statistics for Business/Economics/Mathematical Finance/Insurance | Discrete choice | Operations Research/Decision Theory | Economic Theory/Quantitative Economics/Mathematical Methods | RUM properties | Random utility maximisation | Game Theory, Economics, Social and Behav. Sciences | ELIMINATION | PSYCHOLOGY | ATTITUDES | CHOICE | WILLINGNESS-TO-PAY | NESTED LOGIT-MODELS | PREFERENCES | ALTERNATIVES | SOCIAL SCIENCES, MATHEMATICAL METHODS | ECONOMICS | Psychology | Maximization | Quantitative psychology

Economics | Behavioural patterns | Behavioral/Experimental Economics | Statistics for Business/Economics/Mathematical Finance/Insurance | Discrete choice | Operations Research/Decision Theory | Economic Theory/Quantitative Economics/Mathematical Methods | RUM properties | Random utility maximisation | Game Theory, Economics, Social and Behav. Sciences | ELIMINATION | PSYCHOLOGY | ATTITUDES | CHOICE | WILLINGNESS-TO-PAY | NESTED LOGIT-MODELS | PREFERENCES | ALTERNATIVES | SOCIAL SCIENCES, MATHEMATICAL METHODS | ECONOMICS | Psychology | Maximization | Quantitative psychology

Journal Article

Econometrica, ISSN 0012-9682, 1/2006, Volume 74, Issue 1, pp. 121 - 146

We develop and analyze a model of random choice and random expected utility. A decision problem is a finite set of lotteries that describe the feasible...

Polytopes | Determinism | Utility models | Algebra | Economic theory | Utility functions | Polyhedrons | Linear transformations | Lotteries | Expected utility | random choice | expected utility | Random utility | Random choice | MATHEMATICS, INTERDISCIPLINARY APPLICATIONS | random utility | STATISTICS & PROBABILITY | SOCIAL SCIENCES, MATHEMATICAL METHODS | ECONOMICS | Research | Random variables | Utility theory | Probabilities | Tests, problems and exercises

Polytopes | Determinism | Utility models | Algebra | Economic theory | Utility functions | Polyhedrons | Linear transformations | Lotteries | Expected utility | random choice | expected utility | Random utility | Random choice | MATHEMATICS, INTERDISCIPLINARY APPLICATIONS | random utility | STATISTICS & PROBABILITY | SOCIAL SCIENCES, MATHEMATICAL METHODS | ECONOMICS | Research | Random variables | Utility theory | Probabilities | Tests, problems and exercises

Journal Article

Transport Policy, ISSN 0967-070X, 05/2016, Volume 48, pp. 49 - 59

Most of the existing Carsharing business models mainly rely on gasoline vehicles and diesel vehicles, but in recent years there has been a significant increase...

Electric vehicles | Switching behaviour | Pure preference | Random utility theory | Carsharing | Mode choice | TRANSPORTATION | MOBILITY | ADOPTION | CAR OWNERSHIP | ATTITUDES | CHOICE | RESPONSES | EVOLUTION | POTENTIAL DEMAND | INTENTION | ECONOMICS | TRAVEL DEMAND | Hybrid vehicles | School construction | Automobiles, Electric | Car sharing | Green technology | Residential areas | Parks | Automobiles | Business | Automotive engineering

Electric vehicles | Switching behaviour | Pure preference | Random utility theory | Carsharing | Mode choice | TRANSPORTATION | MOBILITY | ADOPTION | CAR OWNERSHIP | ATTITUDES | CHOICE | RESPONSES | EVOLUTION | POTENTIAL DEMAND | INTENTION | ECONOMICS | TRAVEL DEMAND | Hybrid vehicles | School construction | Automobiles, Electric | Car sharing | Green technology | Residential areas | Parks | Automobiles | Business | Automotive engineering

Journal Article

IEEE Transactions on Automatic Control, ISSN 0018-9286, 09/2018, Volume 63, Issue 9, pp. 2867 - 2882

Cumulative prospect theory (CPT) is a popular approach for modeling human preferences. It is based on probabilistic distortions and generalizes the expected...

Stochastic processes | simultaneous perturbation stochastic approximation (SPSA) | Cumulative prospect theory (CPT) | Approximation algorithms | Random variables | Complexity theory | Optimization | Convergence | reinforcement learning | stochastic optimization | MARKOV DECISION-PROCESSES | SIGNAL CONTROL | APPROXIMATION | AXIOMS | RISK | VARIANCE | AUTOMATION & CONTROL SYSTEMS | ENGINEERING, ELECTRICAL & ELECTRONIC | Risk aversion | Economic models | Algorithms | Utility theory | Perturbation methods | Computer simulation | Theory | Traffic control | Traffic signals | Expected utility | Distribution functions

Stochastic processes | simultaneous perturbation stochastic approximation (SPSA) | Cumulative prospect theory (CPT) | Approximation algorithms | Random variables | Complexity theory | Optimization | Convergence | reinforcement learning | stochastic optimization | MARKOV DECISION-PROCESSES | SIGNAL CONTROL | APPROXIMATION | AXIOMS | RISK | VARIANCE | AUTOMATION & CONTROL SYSTEMS | ENGINEERING, ELECTRICAL & ELECTRONIC | Risk aversion | Economic models | Algorithms | Utility theory | Perturbation methods | Computer simulation | Theory | Traffic control | Traffic signals | Expected utility | Distribution functions

Journal Article

Psychological Review, ISSN 0033-295X, 1/2011, Volume 118, Issue 1, pp. 42 - 56

Transitivity of preferences is a fundamental principle shared by most major contemporary rational, prescriptive, and descriptive models of decision making. To...

Triangle inequality | Utility theory | Rationality | Stochastic transitivity | Transitivity | RANDOM UTILITY REPRESENTATION | RISK | MODEL | INTRANSITIVE PREFERENCES | stochastic transitivity | PSYCHOLOGY | PSYCHOLOGY, MULTIDISCIPLINARY | POLYTOPE | transitivity | triangle inequality | BINARY CHOICE-PROBABILITIES | FACETS | rationality | FORAGING CHOICES | utility theory | DECISION FIELD-THEORY | Decision Making | Undergraduate Students | Selection | Illinois | Attitudes | Probability | Data Analysis | Models | Statistical Analysis | Choice Behavior | Stochastic Processes | Humans | Models, Psychological | Female | Male | Decision theory | Research

Triangle inequality | Utility theory | Rationality | Stochastic transitivity | Transitivity | RANDOM UTILITY REPRESENTATION | RISK | MODEL | INTRANSITIVE PREFERENCES | stochastic transitivity | PSYCHOLOGY | PSYCHOLOGY, MULTIDISCIPLINARY | POLYTOPE | transitivity | triangle inequality | BINARY CHOICE-PROBABILITIES | FACETS | rationality | FORAGING CHOICES | utility theory | DECISION FIELD-THEORY | Decision Making | Undergraduate Students | Selection | Illinois | Attitudes | Probability | Data Analysis | Models | Statistical Analysis | Choice Behavior | Stochastic Processes | Humans | Models, Psychological | Female | Male | Decision theory | Research

Journal Article

1992, ISBN 082293714X, x, 364

Book

International Journal of Civil Engineering, ISSN 1735-0522, 7/2019, Volume 17, Issue 7, pp. 1107 - 1113

Traffic assignment is the last stage of the classical transportation planning process in which, the travel demand of each O–D pair is allocated to the network...

Engineering | Utility theory | Traffic assignment | Civil Engineering | Regret theory | Stochastic user equilibrium | Random regret-minimization

Engineering | Utility theory | Traffic assignment | Civil Engineering | Regret theory | Stochastic user equilibrium | Random regret-minimization

Journal Article

AMERICAN ECONOMIC REVIEW, ISSN 0002-8282, 08/2018, Volume 108, Issue 8, pp. 2366 - 2382

In this comment on Callen et al. (20141), I revisit recent evidence uncovering a "preference for certainty" in violation of dominant normative and descriptive...

CHOICE | PROBABILITY | DECISION | TIME-PREFERENCES | DISAPPOINTMENT | BEHAVIOR | UNCERTAINTY | AVERSION | ECONOMICS | EXPECTED-UTILITY-THEORY | PROSPECT-THEORY

CHOICE | PROBABILITY | DECISION | TIME-PREFERENCES | DISAPPOINTMENT | BEHAVIOR | UNCERTAINTY | AVERSION | ECONOMICS | EXPECTED-UTILITY-THEORY | PROSPECT-THEORY

Journal Article

Management Science, ISSN 0025-1909, 3/2011, Volume 57, Issue 3, pp. 542 - 548

This paper presents a new model of probabilistic binary choice under risk. In this model, a decision maker always satisfies first-order stochastic dominance....

strong utility | probabilistic choice | first-order stochastic dominance | random utility | Probabilistic modeling | Datasets | Economic models | Utility models | Management science | Utility functions | Multilevel models | Lotteries | Stochastic models | Expected utility | Probabilistic choice | First-order stochastic dominance | Strong utility | Random utility | ERRORS | MANAGEMENT | DECISION THEORIES | BEHAVIOR | BETWEENNESS | RISK | AXIOM | ISSUES | OPERATIONS RESEARCH & MANAGEMENT SCIENCE | VIOLATIONS | EXPECTED UTILITY-THEORY | probabilistic choice; first-order stochastic dominance; random utility; strong utility | Decision-making | Demand (Economics) | Research

strong utility | probabilistic choice | first-order stochastic dominance | random utility | Probabilistic modeling | Datasets | Economic models | Utility models | Management science | Utility functions | Multilevel models | Lotteries | Stochastic models | Expected utility | Probabilistic choice | First-order stochastic dominance | Strong utility | Random utility | ERRORS | MANAGEMENT | DECISION THEORIES | BEHAVIOR | BETWEENNESS | RISK | AXIOM | ISSUES | OPERATIONS RESEARCH & MANAGEMENT SCIENCE | VIOLATIONS | EXPECTED UTILITY-THEORY | probabilistic choice; first-order stochastic dominance; random utility; strong utility | Decision-making | Demand (Economics) | Research

Journal Article

Management Science, ISSN 0025-1909, 07/2015, Volume 61, Issue 7, pp. 1615 - 1629

We develop and implement linear formulations of convex stochastic dominance relations based on decreasing absolute risk aversion (DARA) for discrete and...

Bootstrapping | Stochastic dominance | Market portfolio efficiency | Utility theory | Decreasing absolute risk aversion | Skewness | Linear programming | Pricing kernel | CRITERIA | market portfolio efficiency | DIVERSIFICATION | MANAGEMENT | pricing kernel | linear programming | decreasing absolute risk aversion | RANDOM-VARIABLES | bootstrapping | OPERATIONS RESEARCH & MANAGEMENT SCIENCE | stochastic dominance | skewness | VARIANCE | EFFICIENCY | PORTFOLIO | UTILITY | utility theory

Bootstrapping | Stochastic dominance | Market portfolio efficiency | Utility theory | Decreasing absolute risk aversion | Skewness | Linear programming | Pricing kernel | CRITERIA | market portfolio efficiency | DIVERSIFICATION | MANAGEMENT | pricing kernel | linear programming | decreasing absolute risk aversion | RANDOM-VARIABLES | bootstrapping | OPERATIONS RESEARCH & MANAGEMENT SCIENCE | stochastic dominance | skewness | VARIANCE | EFFICIENCY | PORTFOLIO | UTILITY | utility theory

Journal Article