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A combination of expected utility and maxmin decision criteria. (English) Zbl 0657.90007
Summary: A new explanation of the Allais paradox is suggested. A decision rule representable by an increasing function of the expected utility and the minimum utility is axiomatized. The lexicographic separability of this function is also discussed and axiomatized.

91B16 Utility theory
91B06 Decision theory
Full Text: DOI
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