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Reflection of coalescing and event splitting effect in utility theory

Journal: Economics Bulletin of The National Mining University (Vol.52, No. 52)

Publication Date:

Authors : ; ;

Page : 55-63

Keywords : utility theory; coalescing principle; event-splitting effect; first order stochastic dominance; free ride effect;

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Abstract

Problems of utility theory in the context of coalescing and event splitting effect are pointed out. The practical usefulness of the utility theory elements in modeling individual behavior in risk and uncertainty is shown on the example of streamlining of checking system for payment of «free ride goods».

Last modified: 2016-04-19 21:49:08