Subjective expected utility with a spectral state space
Sign Up to like & getrecommendations! Published in 2019 at "Economic Theory"
DOI: 10.1007/s00199-018-01173-5
Abstract: An agent faces a decision under uncertainty with the following structure. There is a set $${\mathcal {A}}$$ A of “acts”; each will yield an unknown real-valued payoff. Linear combinations of acts are feasible; thus, $${\mathcal… read more here.
Keywords: boolean algebra; space; utility; expected utility ... See more keywords
How to co-exist with nonexistent expectations
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DOI: 10.1007/s11229-019-02246-1
Abstract: Dozens of articles have addressed the challenge that gambles having undefined expectation pose for decision theory. This paper makes two contributions. The first is incremental: we evolve Colyvan’s “Relative Expected Utility Theory” into a more… read more here.
Keywords: exist nonexistent; nonexistent expectations; theory; utility ... See more keywords
A connection between von Neumann-Morgenstern expected utility and symmetric potential games
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DOI: 10.1007/s11238-024-09991-x
Abstract: This paper establishes a previously unexplored connection between expected utility theory and potential games. Starting with a decision problem with a complete preference relation over lotteries on a finite set of alternatives, we construct a… read more here.
Keywords: preference relation; game; expected utility;
Model selection in utility-maximizing binary prediction
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DOI: 10.1016/j.jeconom.2020.07.052
Abstract: The semiparametric maximum utility estimation proposed by Elliott and Lieli (2013) can be viewed as cost-sensitive binary classification; thus, its in-sample overfitting issue is similar to that of perceptron learning in the machine learning literature.… read more here.
Keywords: utility; expected utility; selection utility; model selection ... See more keywords
Optimal self-enforcement and termination
Sign Up to like & getrecommendations! Published in 2019 at "Journal of Economic Dynamics and Control"
DOI: 10.1016/j.jedc.2018.12.010
Abstract: We study a dynamic principal-agent relationship in which the agent receives a stochastic outside opportunity/offer each period and he cannot commit to not leaving the ongoing relationship.Termination, while costly, allows the principal to go to… read more here.
Keywords: agent outside; agent; commitment constraint; termination ... See more keywords
Expected utility theory on mixture spaces without the completeness axiom
Sign Up to like & getrecommendations! Published in 2021 at "Journal of Mathematical Economics"
DOI: 10.1016/j.jmateco.2021.102538
Abstract: A mixture preorder is a preorder on a mixture space (such as a convex set) that is compatible with the mixing operation. In decision theoretic terms, it satisfies the central expected utility axiom of strong… read more here.
Keywords: mixture preorder; continuity; mixture; mixture preserving ... See more keywords
Evaluating classification performance: Receiver operating characteristic and expected utility.
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DOI: 10.1037/met0000515.supp
Abstract: One primary advantage of receiver operating characteristic (ROC) analysis is considered to be its ability to quantify classification performance independently of factors such as prior probabilities and utilities of classification outcomes. This article argues the… read more here.
Keywords: utility; expected utility; classification performance; receiver operating ... See more keywords
A non-expected utility model and its application in practical auctions
Sign Up to like & getrecommendations! Published in 2019 at "Applied Economics"
DOI: 10.1080/00036846.2019.1696942
Abstract: ABSTRACT This article presents a non-expected utility decision model which is nonlinear in the winning probabilities. The model not only explicitly expresses bidders’ attitudes to risk, but also addresses their preference over the bidding criteria.… read more here.
Keywords: expected utility; non expected; rate; practical auctions ... See more keywords
Role of quantum correlations in daemonic expected utility
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DOI: 10.1103/physreva.109.052221
Abstract: Fluctuations can challenge the possibility of improving work extraction from quantum correlations. This uncertainty in the work extraction process can be addressed resorting to the expected utility hypothesis which can provide an optimal method for… read more here.
Keywords: work extraction; expected utility; work; role quantum ... See more keywords
Do expected utility maximizers have commitment issues?
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DOI: 10.1111/phpr.70064
Abstract: Critics have argued that expected utility theory fails as a theory of rational choice for diachronic agents who expect their preferences to change in response to temptations. According to this criticism, such agents cannot rationally… read more here.
Keywords: maximizers commitment; expected utility; utility; commitment problem ... See more keywords
Range dependent expected utility theory based model for NIMBY conflicts in China: An evolutionary game analysis
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DOI: 10.1371/journal.pone.0271120
Abstract: In recent years, NIMBY(Not In My Backyard) conflicts gradually become hot and difficult in the international community governance, people have realized that the government and people on both sides of the emotional factors have great… read more here.
Keywords: expected utility; model; conflicts china; range dependent ... See more keywords