William, Barnett and Qing, Han and Jianbo, Zhang (2018): Monetary Services Aggregation under Uncertainty: A Behavioral Economics Extension Using Choquet Expectation.
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Abstract
A central tenet of behavioral economics is that the axioms producing expected utility maximization by consumers are too strong to be descriptive of rational behavior. The existing theory of monetary services aggregation under risk assume expected utility maximization. We extend those results to uncertainty under weaker axiomatic assumptions by using Choquet expectations. Choquet integration reduces to Riemann integration as a special case under the stronger assumption of additive probability measure, not accepted in the literature on behavioral economics. Our theoretical results on monetary services aggregation are generalizations of prior results, nested as special cases of our results under stronger behavioral assumptions.
Item Type:  MPRA Paper 

Original Title:  Monetary Services Aggregation under Uncertainty: A Behavioral Economics Extension Using Choquet Expectation 
Language:  English 
Keywords:  Uncertainty Aversion, User Cost, Choquet Expectation, Monetary Aggregation 
Subjects:  C  Mathematical and Quantitative Methods > C4  Econometric and Statistical Methods: Special Topics > C43  Index Numbers and Aggregation E  Macroeconomics and Monetary Economics > E4  Money and Interest Rates > E41  Demand for Money G  Financial Economics > G1  General Financial Markets > G12  Asset Pricing ; Trading Volume ; Bond Interest Rates 
Item ID:  88320 
Depositing User:  William A. Barnett 
Date Deposited:  05 Aug 2018 11:34 
Last Modified:  02 Oct 2019 17:02 
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URI:  https://mpra.ub.unimuenchen.de/id/eprint/88320 
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Monetary Services Aggregation under Uncertainty: A Behavioral Economics Extension Using Choquet Expectation. (deposited 31 Jul 2018 03:46)
 Monetary Services Aggregation under Uncertainty: A Behavioral Economics Extension Using Choquet Expectation. (deposited 05 Aug 2018 11:34) [Currently Displayed]