Consistent probability attitudes |
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Authors: | Horst Zank |
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Institution: | 1. Department of Economics, School of Social Sciences, University of Manchester, Oxford Road, Manchester, M13 9PL, UK
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Abstract: | In this paper, the principle of meaningful measurement of probabilistic attitudes is revisited. A new principle of consistency
in probability attitudes is proposed, which allows for the identification of decision weights completely separate from utility.
In the familiar and elegant von Neuman–Morgenstern setup of decision under risk with given objective probabilities, it is
shown that, in the presence of standard properties for preferences, adding the new consistency principle leads to rank-dependent
utility. |
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Keywords: | |
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