Procedural Choice under Risk
Decision-makers often use procedures to evaluate risky prospects. This paper focuses on the procedure of merging separate outcomes. I offer a procedural foundation for expected utility and models of rank-dependence, betweenness, and complexity aversion. Expected utility is characterized by uniformity and costlessness of the procedure across prospects. Relaxing uniformity characterizes rank-dependence and betweenness, while relaxing costlessness characterizes complexity aversion.
Date:
20 May 2025, 12:45
Venue:
Nuffield College, New Road OX1 1NF
Venue Details:
Butler Room
Speaker:
En Hua Hu (University of Oxford)
Organising department:
Department of Economics
Part of:
Economic Theory Workshop
Booking required?:
Not required
Audience:
Members of the University only
Editor:
Edward Clark
