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A theory of anticipated utility |
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| Authors: | John Quiggin |
| Institution: | Australian Bureau of Agricultural Economics, Canberra City, ACT 2601, Australia |
| Abstract: | A new theory of cardinal utility, with an associated set of axioms, is presented. It is a generalization of the von Neumann-Morgenstern expected utility theory, which permits the analysis of phenomena associated with the distortion of subjective probability. |
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