Events

Abstract: 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.

The Economic Theory Lunchtime Workshops are convened by Meg Meyer.