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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.

MSC:
91B16 Utility theory
91B06 Decision theory
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