ASPIRATION LEVEL, PROBABILITY OF SUCCESS AND FAILURE, AND EXPECTED UTILITY*
将决策者相对于抱负水平的成功与失败总概率纳入期望效用模型，证明其等价于不连续效用函数的期望效用，并给出行为基础，解释了同时风险规避与风险寻求的行为。
Aspiration levels are a relevant aspect of decision making. We develop a model that includes the overall probabilities of success and failure relative to the aspiration level into an expected utility representation. This turns out to be equivalent to expected utility with a discontinuous utility function. We give a behavioral foundation to the proposed model and provide conditions to determine the relative weights of the overall probabilities of success and failure. An aspiration level reinforces loss aversion, can account for simultaneous risk‐averse and risk‐seeking behavior, and can explain choices violating the mean‐variance approach.