Corrigendum to: "Investigating Generalizations of Expected Utility Theory Using Experimental Data"

Hey, J. D. and Orme, C. (1994) proposed a new utility functional for Gul, F. (1991) disappointment aversion theory. Hey, J. D. and Orme, C. (1994) proved that this utility functional is identical to that in Gul, F. (1991) for the case when lotteries have at most three outcomes. We show that there is an algebraic mistake in this proof and the utility functional proposed in Hey, J. D. and Orme, C. (1994) is not the same as in Gul, F. (1991) disappointment aversion theory.

Comment Authors: 
Blavatskyy, Pavlo -
Zhang, Xiaohui - University of Exeter
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Online Corrigendum
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Comment Authors: 
Pavlo Blavatskyy and Xiaohui Zhang

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