Decision Utility Theory

237 Pages Posted: 17 May 2012

Date Written: May 17, 2012

Abstract

Prospect Theory (1979) and its Cumulative version (1992) argue for probability weighting to explain lottery choices. Decision Utility Theory presents an alternative solution, which makes no use of this concept. The new theory postulates a double S-shaped decision utility curve similar to the one hypothesized by Markowitz (1952), and applies the expected decision utility value similarly to the theory of von Neumann and Morgenstern (1944). This work is a PhD dissertation; it contains about 235 pages.

Suggested Citation

Kontek, Krzysztof, Decision Utility Theory (May 17, 2012). Available at SSRN: https://ssrn.com/abstract=2061815 or http://dx.doi.org/10.2139/ssrn.2061815

Krzysztof Kontek (Contact Author)

Warsaw School of Economics (SGH) ( email )

aleja Niepodleglosci 162
PL-Warsaw, 02-554
Poland

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