Expected utility paradoxes |
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| Authors: | Lindon J. Robison Robert S. Shupp Robert J. Myers |
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| Affiliation: | Department of Agriculture, Food and Resource Economics, Michigan State University, 317C Agricultural Hall, East Lansing, MI 48864, United States;University of the Negev, Department of Behavioral Sciences, Ben-Gurion, P.O.B 653, 84105 Beer-Sheva, Israel;University of Erfurt, Nordhauser Strasse 63, PF 900 221, Erfurt 99105, Germany. Email: tobias.roetheli@uni-erfurt.de |
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| Abstract: | The expected utility (EU) model is widely used for predicting and describing choices under uncertainty. Its usefulness, however, is limited because of its widely acknowledged inconsistencies and paradoxes. This paper describes how important EU model paradoxes can be resolved by accounting for the influences of socio-emotional goods (SEGs) embedded in word and other symbolic frames. |
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