Journal article
Imprecision as an account of violations of independence and betweenness
Journal of Economic Behavior & Organization, Vol.80(3), pp.511-522
2011
Abstract
In an earlier paper we put forward a model of imprecise preferences which accounted for various forms of preference reversal. In this paper we show that the same model can also explain the best-known violations of expected utility theory's axioms of independence and betweenness. It appears that a simple model of imprecise preferences can account for a broader range of anomalies than many of the more elaborate alternative theories developed to date.
Details
- Title
- Imprecision as an account of violations of independence and betweenness
- Authors/Creators
- D.J. Butler (Author/Creator)G. Loomes (Author/Creator)
- Publication Details
- Journal of Economic Behavior & Organization, Vol.80(3), pp.511-522
- Publisher
- Elsevier
- Identifiers
- 991005540699607891
- Copyright
- © 2011 Elsevier B.V.
- Murdoch Affiliation
- Do not use- Former Murdoch Business School
- Language
- English
- Resource Type
- Journal article
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