보안·규제 | Cases and Studies of Security & Regulation in Lottery & Gambling | 保安 & 限制
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- Article] Security and potential level preferences with thresholds
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DocNo of ILP: 4119
Doc. Type: Article
Title: Security and potential level preferences with thresholds
Authors: Schmidt, U; Zimper, A
Full Name of Authors: Schmidt, Ulrich; Zimper, Alexander
Keywords by Author: Allais paradoxes; security level; potential level; thresholds
Keywords Plus: EXPECTED-UTILITY; AXIOMATIC MODEL; PROSPECT-THEORY; RISK; DECISION; CHOICE; INDEPENDENCE; EQUILIBRIUM; UNCERTAINTY; CERTAINTY
Abstract: The security level models of Gilboa [1988. A combination of expected utility and maxmin decision criteria. Journal of Mathematical Psychology, 32, 405-420] and of Jaffray [1988. Choice under risk and the security factor: An axiomatic model. Theory and Decision, 24, 169-200] as well as the security and potential level model of Cohen [1992. Security level, potential level, expected utility: A three-criteria decision model under risk. Theory and Decision, 33, 101-104] and Essid [1997. Choice under risk with certainty and potential effects: A general axiomatic model. Mathematical Social Sciences, 34, 223-247] successfully accommodate classical Allais paradoxes while they offer an interesting explanation for their occurrence. However, experimental data suggest a systematic violation of these models when lotteries with low probabilities of bad or good outcomes are involved. In our opinion, one promising candidate for the explanation of these violations is the assumption of thresholds in the perception of security and potential levels. The present paper develops an axiomatic model that allows for such thresholds, so that the derived representation of preferences can accommodate the observed violations of the original security and potential level models. (C) 2007 Elsevier Inc. All rights reserved.
Cate of OECD: Mathematics
Year of Publication: 2007
Business Area: lottery
Detail Business: lottery
Country: USA
Study Area:
Name of Journal: JOURNAL OF MATHEMATICAL PSYCHOLOGY
Language: English
Country of Authors: Univ Cape Town, Sch Econ, ZA-7701 Cape Town, South Africa; Leibniz Univ Hannover, Lehrstuhl Finanzmarkttheorie, D-30167 Hannover, Germany
Press Adress: Zimper, A (reprint author), Univ Cape Town, Sch Econ, ZA-7701 Cape Town, South Africa.
Email Address: u.schmidt@mbox.vwl.uni-hannover.de; zimper@bigfoot.com
Citaion:
Funding:
Lists of Citation: ALLAIS M, 1979, EXPECTD UTILITY HYPO; Birnbaum MH, 1998, J RISK UNCERTAINTY, V17, P49, DOI 10.1023/A:1007739200913; CHATEAUNEUF A, 2004, 0310 U MANNH; COHEN M, 1992, THEOR DECIS, V33, P101, DOI 10.1007/BF00134092; CRAWFORD VP, 1990, J ECON THEORY, V50, P127, DOI 10.1016/0022-0531(90)90088-2; DOW J, 1994, J ECON THEORY, V64, P305, DOI 10.1006/jeth.1994.1071; Eichberger J, 1999, THEOR DECIS, V46, P107, DOI 10.1023/A:1004994630014; Essid S, 1997, MATH SOC SCI, V34, P223, DOI 10.1016/S0165-4896(97)00011-5; FISHBURN P., 1988, NONLINEAR PREFERENCE; GILBOA I, 1988, J MATH PSYCHOL, V32, P405, DOI 10.1016/0022-2496(88)90020-X; HARLESS DW, 1994, ECONOMETRICA, V62, P1251, DOI 10.2307/2951749; JAFFRAY JY, 1988, THEOR DECIS, V24, P169, DOI 10.1007/BF00132460; KAHNEMAN D, 1979, ECONOMETRICA, V47, P263, DOI 10.2307/1914185; Karni Edi, 1991, HDB MATH EC, V4, P1763, DOI 10.1016/S1573-4382(05)80008-6; LOPES LL, 1987, ADV EXP SOC PSYCHOL, V20, P255, DOI 10.1016/S0065-2601(08)60416-5; Rabin M, 2000, ECONOMETRICA, V68, P1281, DOI 10.1111/1468-0262.00158; SAFRA Z, 2005, UNPUB ARE UNIVERSAL; SAFRA Z, 2006, UNPUB CALIBRATION RE; Schmidt U, 2000, ECON LETT, V67, P29, DOI 10.1016/S0165-1765(99)00247-5; SCHMIDT U, 2004, HDB UTILITY THEORY, V2; Sjoberg L., 2000, J RISK RES, V3, P287, DOI 10.1080/13669870050043189; Sjoberg L, 1999, J RISK RES, V2, P129, DOI 10.1080/136698799376899; Starmer C, 2000, J ECON LIT, V38, P332, DOI 10.1257/jel.38.2.332; STONE ER, 1994, ORGAN BEHAV HUM DEC, V60, P387, DOI 10.1006/obhd.1994.1091; SUGDEN R, 2004, HDB UTILITY THEORY, V2; TVERSKY A, 1992, J RISK UNCERTAINTY, V5, P297, DOI 10.1007/BF00122574; ZIMPER A, 2007, IN PRESS THEORY DECI
Number of Citaion: 27
Publication: ACADEMIC PRESS INC ELSEVIER SCIENCE
City of Publication: SAN DIEGO
Address of Publication: 525 B ST, STE 1900, SAN DIEGO, CA 92101-4495 USA
ISSN: 0022-2496
29-Character Source Abbreviation: J MATH PSYCHOL
ISO Source Abbreviation: J. Math. Psychol.
Volume: 51
Version: 5
Start of File: 279
End of File: 289
DOI: 10.1016/j.jmp.2007.05.001
Number of Pages: 11
Web of Science Category: Mathematics, Interdisciplinary Applications; Social Sciences, Mathematical Methods; Psychology, Mathematical
Subject Category: Mathematics; Mathematical Methods In Social Sciences; Psychology
Document Delivery Number: 231TB
Unique Article Identifier: WOS:000250970800001
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