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Imprecision as an account of violations of independence and betweenness
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Butler, David and Loomes, Graham (2011) Imprecision as an account of violations of independence and betweenness. Journal of Economic Behavior & Organization, 80 (3). pp. 511-522. doi:10.1016/j.jebo.2011.05.008 ISSN 0167-2681.
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Official URL: http://dx.doi.org/10.1016/j.jebo.2011.05.008
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.
Item Type: | Journal Article | ||||
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Subjects: | H Social Sciences > HB Economic Theory | ||||
Divisions: | Faculty of Social Sciences > Warwick Business School > Behavioural Science Faculty of Social Sciences > Economics Faculty of Social Sciences > Warwick Business School |
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Journal or Publication Title: | Journal of Economic Behavior & Organization | ||||
Publisher: | Elsevier BV * North-Holland | ||||
ISSN: | 0167-2681 | ||||
Official Date: | December 2011 | ||||
Dates: |
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Volume: | 80 | ||||
Number: | 3 | ||||
Number of Pages: | 12 | ||||
Page Range: | pp. 511-522 | ||||
DOI: | 10.1016/j.jebo.2011.05.008 | ||||
Status: | Peer Reviewed | ||||
Publication Status: | Published | ||||
Access rights to Published version: | Restricted or Subscription Access |
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