A Theory of Disappointment Aversion
建立了一个彩票偏好的公理模型，能解释阿莱悖论，且比期望效用理论多一个参数；正参数表示失望厌恶，风险厌恶意味着失望厌恶。
An axiomatic model of preferences over lotteries is developed. It is shown that this model is consistent with the Allais paradox, includes expected utility theory as a special case, and is only one parameter ( beta) richer than the expected utility model. Allais paradox type behavior is identified with positive values of beta. Preferences with positive beta are said to be disappointment averse. It is shown that risk aversion implies disappointment aversion and that the Arrow-Pratt measures of risk aversion can be generalized in a straight-forward manner to the current framework. Copyright 1991 by The Econometric Society.