Autore
Aaberge, Rolf

Titolo
Empirical Rules of Thumb for Choice under Uncertainty
Periodico
International Center for Economics Research, Torino. ICER - Working papers series
Anno: 2002 - Fascicolo: 22 - Pagina iniziale: 1 - Pagina finale: 8

A substantial body of empirical evidence shows that individuals overweight extreme events and act in conflict with the expected utility theory. These findings were the primary motivation behind the development of the rank-dependent utility theory. The purpose of this paper is to demonstrate that some plausible empirical rules of thumb for choice under uncertainty can be rationalized by the rank-dependent utility theorY.



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