Abstract
Prospect Theory (1979) and its Cumulative version (1992) argue for probability weighting to explain lottery choices. Decision Utility Theory presents an alternative solution, which makes no use of this concept. The new theory postulates a double S-shaped decision utility curve similar to the one hypothesized by Markowitz (1952), and applies the expected decision utility value similarly to the theory of von Neumann and Morgenstern (1944). This work is a PhD dissertation; it contains about 235 pages.
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