Imprecision as an account of violations of independence and betweenness
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Butler, D.J. and Loomes, G. (2011) Imprecision as an account of violations of independence and betweenness. Journal of Economic Behavior & Organization, 80 (3). pp. 511-522.
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Link to Published Version: http://dx.doi.org/10.1016/j.jebo.2011.05.008
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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 |
|---|---|
| Murdoch Affiliation: | Murdoch Business School |
| Publisher: | Elsevier |
| Copyright: | © 2011 Elsevier B.V. |
| URI: | http://researchrepository.murdoch.edu.au/id/eprint/6152 |
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