Construct · 1 fields · 1 citations

rank-dependent utility: a standalone construct

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Decision science

a generalization of expected utility that weights outcomes by transformed cumulative probabilities according to their rank.

In decision science, rank-dependent utility refers to a generalization of expected utility that weights outcomes by transformed cumulative probabilities according to their rank. This meaning comes from Quiggin (1982) in Journal of Economic Behavior & Organization.[1]

Unit
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Nearby constructs

generalization6 fields · 16 citationsjingle · one name, six constructs opportunity6 fields · 13 citationsjingle · one name, six constructs rank4 fields · 8 citationsjingle · one word, four constructs

References

Quiggin, J. (1982). A theory of anticipated utility. Journal of Economic Behavior & Organization, 3(4), 323-343. https://doi.org/10.1016/0167-2681(82)90008-7

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