TITLE

Comonotonic Independence: The Critical Test between Classical and Rank-Dependent Utility Theories

AUTHOR(S)
Wakker, Peter; Erev, Ido; Webber, Elke U.
PUB. DATE
December 1994
SOURCE
Journal of Risk & Uncertainty;Dec1994, Vol. 9 Issue 4, p195
SOURCE TYPE
Academic Journal
DOC. TYPE
Article
ABSTRACT
This article ecomares classical exected utility (EU with the more general rank-edendent utility (RDU) models. The difference between the independence condition for preferences of EU and its comonotonic generalization in RDU provides the exact demarcation between EU and rank-dependent models. Other axiomatic differences are not essential. An experimental design is described that tests this difference between independence and comonotonc independence I its most basic from and is robust against violations of other assumption that may confound the results in particular the reduction principle and transitivity, It is well known that in the classical counterexamples to EU. Comonotonic independence perform better than full-force independence for our more general choice pairs, however we find that cononotonic independence does not perform better. This is contrary to our prior expectation and suggests that rank-dependent models in full generality, do not provide a descriptive improvement over EU For rank-dependence models to have a future sub models and choice situation need to be identified for which rank-dependence does contribute descriptively.
ACCESSION #
16628065

 

Related Articles

  • A Review of Methods for Measurement Systems Capability Analysis. Burdick, Richard K.; Borror, Connie M.; Montgomery, Douglas C. // Journal of Quality Technology;Oct2003, Vol. 35 Issue 4, p342 

    We review methods for conducting and analyzing measurement systems capability studies, focusing on the analysis of variance approach. These studies are designed experiments involving crossed and possibly nested factors. The analysis of variance is an attractive method for analyzing the results...

  • A new experimental design for noncontact giant magnetoresistance measurements using the magnetorefractive effect. Vopsaroiu, M.; Matthew, J. A. D.; Thompson, S. M. // Review of Scientific Instruments;Oct2004 Part I & II, Vol. 75 Issue 10, p3127 

    Electrical magnetoresistance measurements of spin dependent materials or devices are very difficult without surface damaging or sample contamination, especially for thin-film giant magnetoresistance (GMR) multilayers. Moreover, the in situ determination of the GMR profile is almost impossible...

  • Improving the success rate of proteome analysis by modeling protein-abundance distributions and experimental designs. Eriksson, Jan; Fenyö, David // Nature Biotechnology;Jun2007, Vol. 25 Issue 6, p651 

    Truly comprehensive proteome analysis is highly desirable in systems biology and biomarker discovery efforts. But complete proteome characterization has been hindered by the dynamic range and detection sensitivity of experimental designs, which are not adequate to the very wide range of protein...

  • Galvanostatic Pb(II) removal from a simulated wastewater by using a stainless-steel wool cathode in a flow-through cell: a factorial-design study. Almeida, Lucio C.; Gasparotto, Luiz H. S.; Bocchi, Nerilso; Rocha-Filho, Romeu C.; Biaggio, Sonia R. // Journal of Applied Electrochemistry;Feb2008, Vol. 38 Issue 2, p167 

    The response surface methodology was used to find the optimal condition for electrolytic Pb(II) removal by using, as the experimental design, a central composite rotatable design for two variables (current and flow rate) at five levels. The surfaces generated with the second-order-equation...

  • Resins and asphaltenes—modifiers for epoxy resin. Pokonova, Yu. // Chemistry & Technology of Fuels & Oils;Mar2007, Vol. 43 Issue 2, p135 

    The author investigates the reactivity of resins and asphaltenes obtained in deasphalting naphtha residues and in redox reactions in processing of acid tars. The experimental design method was used for fast determination of the best epoxidation conditions in which the number of epoxy groups was...

  • Rugby-like hohlraum experimental designs for demonstrating x-ray drive enhancement. Amendt, Peter; Cerjan, C.; Hinkel, D. E.; Milovich, J. L.; Park, H.-S.; Robey, H. F. // Physics of Plasmas;Jan2008, Vol. 15 Issue 1, p012702 

    A suite of experimental designs for the Omega laser facility [Boehly et al., Opt. Commun. 133, 495 (1997)] using rugby and cylindrical hohlraums is proposed to confirm the energetics benefits of rugby-shaped hohlraums over cylinders under optimal implosion symmetry conditions. Postprocessed...

  • Using a hybrid approach to optimize experimental network design for aquifer parameter identification. Liang-Cheng Chang; Hone-Jay Chu; Yu-Pin Lin; Yu-Wen Chen // Environmental Monitoring & Assessment;Oct2010, Vol. 169 Issue 1-4, p133 

    This research develops an optimum design model of groundwater network using genetic algorithm (GA) and modified Newton approach, based on the experimental design conception. The goal of experiment design is to minimize parameter uncertainty, represented by the covariance matrix determinant of...

  • Best Bang for Your Buck-Part 1. ANDERSON-COOK, CHRISTINE M.; LU LU // Quality Progress;Oct2016, Vol. 49 Issue 10, p45 

    The article reports on learning through designed experiments as a sequential process. Topics discussed include design of experiments, strategically planning for the use of resources at different stages of data collection, and maximizing the knowledge gained. Also being discussed are...

  • COMPARISON BETWEEN EFFICIENCY OF RECTANGULAR SEDIMENTATION TANKS USING SINGLE AND SERIES WEIRS IN THEIR INLET ZONE. Mehmanravesh, Samira; Khezri, Seyed Mustafa; Gharehbagh, Vahid Mohammadzadeh // International Journal of Academic Research;Nov2011, Vol. 3 Issue 6, p355 

    Sedimentation tanks are one of the main and costly units of a treatment plant which is responsible to separation of part of suspended particles in water. An optimal design for these tanks improves their performance remarkably. Therefore, any factor influencing their performance worth being...

Share

Read the Article

Courtesy of THE LIBRARY OF VIRGINIA

Sorry, but this item is not currently available from your library.

Try another library?
Sign out of this library

Other Topics