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A Note on Luce-Fishburn Axiomatization of Rank-Dependent Utility

โœ Scribed by Liping Liu


Book ID
111606838
Publisher
Springer
Year
2004
Tongue
English
Weight
106 KB
Volume
28
Category
Article
ISSN
0895-5646

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Models of the insurance markets and institutions are routinely based on expected utility. Since EU is being challenged by an increasing number of decision models, we examine whether EU-based models are robust in their predictions. To do so, we rework some basic models of optimal insurance contracts