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Nonexpected utility as aversion of information
Author(s) -
Wakker Peter
Publication year - 1988
Publication title -
journal of behavioral decision making
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 1.136
H-Index - 76
eISSN - 1099-0771
pISSN - 0894-3257
DOI - 10.1002/bdm.3960010305
Subject(s) - expected utility hypothesis , independence (probability theory) , utility maximization , risk aversion (psychology) , maximization , von neumann architecture , von neumann–morgenstern utility theorem , economics , mathematical economics , psychology , microeconomics , econometrics , computer science , mathematics , statistics , operating system
This paper argues that a violation of the independence condition, used by von Neumann and Morgenstern to characterize expected utility maximization, will always lead to the existence of choice situations in which information‐aversion is exhibited.