Mixture Symmetry and Quadratic Utility
提出比独立性公理和中间性公理更弱的混合对称性公理,对应的效用函数在部分域上是中间性泛函,在其他域上是概率的二次型,有助于分离风险态度与随机化态度。
The independence axiom of expected utility theory has recently been weakened to the betweenness axiom. In this paper an even weaker axiom, called mixture symmetry, is presented. The corresponding functional structure is such that utility is a betweenness functional on part of its domain and quadratic in probabilities elsewhere. The experimental evidence against betweenness provides one motivation for the more general theory presented here. Another advantage of the mixture symmetric class of utility functions is that it is sufficiently flexible to permit the disentangling of attitudes towards risk and towards randomization.