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Imprecision as an account of violations of independence and betweenness

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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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(s): Murdoch Business School
Publisher: Elsevier
Copyright: © 2011 Elsevier B.V.
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