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Home | People | Peter Wakker

Peter Wakker

Research Fellow

Erasmus University Rotterdam
Research field
Behavioral Economics
Health, Intertemporal Choice, Mathematical Methods, Risk And Uncertainty

Key publications

List of publications

Wakker, P.P. and Abdellaoui, M. (2020). Savage for Dummies and Experts Journal of Economic Theory, in press:.

Bleichrodt, H., Doctor, J.N., Gao, Yu, Li, C., Meeker, D. and Wakker, P.P. (2019). Resolving Rabin’s Paradox Journal of Risk and Uncertainty, in press:.

Li, C., Turmunkh, U. and Wakker, P.P. (2019). Trust as a Decision under Ambiguity Experimental Economics, 22:51--75.

Wakker, P.P. and Yang, J. (2019). A Powerful Tool for Analyzing Concave/Convex Utility and Weighting Functions Journal of Economic Theory, 181:143--159.

Baillon, A., Huang, Zhenxing, Selim, A. and Wakker, P.P. (2018). Measuring Ambiguity Attitudes for All (Natural) Events Econometrica, 86(5):1839--1858.

Trautmann, S.T. and Wakker, P.P. (2018). Making the Anscombe-Aumann Approach to Ambiguity Suitable for Descriptive Applications Journal of Risk and Uncertainty, 56(1):83--116.

Bleichrodt, H., Kothiyal, Amit, Filko, M and Wakker, P.P. (2017). Making Case-Based Decision Theory Directly Observable American Economic Journal: Microeconomics, 9(1):123--151.

Li, Z., Rohde, K.I.M. and Wakker, P.P. (2017). Improving One’s Choices by Putting Oneself in Others’ Shoes—An Experimental Analysis Journal of Risk and Uncertainty, 54(1):1--13.

Attema, A.E., Bleichrodt, H., Gao, Yu, Huang, Zhenxing and Wakker, P.P. (2016). Measuring Discounting without Measuring Utility American Economic Review, 106(6):1476--1494.

Baillon, A., Bleichrodt, H., Liu, N. and Wakker, P.P. (2016). Group Decision Rules and Group Rationality under Risk Journal of Risk and Uncertainty, 52(2):99--116.

Bleichrodt, H., Li, C., Moscati, I. and Wakker, P.P. (2016). Nash Was a First to Axiomatize Expected Utility Theory and Decision, 81:309--312.

Bleichrodt, H., Rohde, K.I.M., Spinu, V., Keskin, U. and Wakker, P.P. (2015). Discounted Utility and Present Value—A Close Relation Operations Research, 63(6):1420--1430.

Bleichrodt, H. and Wakker, P.P. (2015). Regret Theory: A Bold Alternative to the Alternatives Economic Journal, 125:493--532.

Kothiyal, A., Spinu, V. and Wakker, P.P. (2014). An Experimental Test of Prospect Theory for Predicting Choice under Ambiguity Journal of Risk and Uncertainty, 48(1):1--17.

Kothiyal, Amit, Spinu, Vitalie and Wakker, P.P. (2014). Average Utility Maximization: A Preference Foundation Operations Research, 62(1):207--218.

Wakker, P.P., Li, C. and Li, Z. (2014). If Nudge Cannot Be Applied: A Litmus Test of the Readers’ Stance on Paternalism Theory and Decision, 76(3):297--315.

Spinu, V. and Wakker, P.P. (2013). Expected Utility without Continuity: A Comment on Delbaen, Drapeau, and Kupper (2011) Journal of Mathematical Economics, 49(1):28--30.

Baltussen, G., Post, G., van den Assem, M.J. and Wakker, P. (2012). Random Incentive Systems in a Dynamic Choice Experiment Experimental Economics, 15(3):418--443.

Baillon, A., Cabantous, L. and Wakker, P.P. (2012). Aggregating Imprecise or Conflicting Beliefs: An Experimental Investigation Using Modern Ambiguity Theories Journal of Risk and Uncertainty, 44(2):115--147.

Baillon, A., Driesen, B. and Wakker, P.P. (2012). Relative Concave Utility for Risk and Ambiguity Games and Economic Behavior, 75(2):481--489.

Abdellaoui, M., Baillon, A., Placido, L. and Wakker, P.P. (2011). The Rich Domain of Uncertainty: Source Functions and Their Experimental Implementation. American Economic Review, 101(2):695--723.

Kothiyal, A., Spinu, V. and Wakker, P.P. (2011). Prospect Theory for Continuous Distributions: A Preference Foundation Journal of Risk and Uncertainty, 42(3):195--210.

Wakker, P.P. (2011). Jaffray's Ideas on Ambiguity Theory and Decision, 71(1):11--22.

Trautmann, S.T. and Wakker, P.P. (2010). Process Fairness and Dynamic Consistency Economics Letters, 109(3):187--189.

Offerman, T., Sonnemans, J., van de Kuilen, G. and Wakker, P. (2009). A Truth-Serum for Non-Bayesians: Correcting Proper Scoring Rules for Risk Attitudes Review of Economic Studies, 76(4):1461--1489.

Bleichrodt, H., Rohde, K.I.M. and Wakker, P.P. (2009). Non-Hyperbolic Time Inconsistency Games and Economic Behavior, 66(1):27--38.

Trautmann, S.T., Vieider, F. and Wakker, P.P. (2008). Causes of Ambiguity Aversion: Known versus Unknown Preferences Journal of Risk and Uncertainty, 36(3):225--243.

Wakker, P.P. (2008). Explaining the Characteristics of the Power (CRRA) Utility Family Health Economics, 17(12):1329--1344.

Abdellaoui, M., Barrios, C. and Wakker, P.P. (2007). Reconciling Introspective Utility with Revealed Preference: Experimental Arguments Based on Prospect Theory. Journal of Econometrics, 138(1):336--378.

Diecidue, E., Wakker, P.P. and Zeelenberg, M. (2007). Eliciting Decision Weights by Adapting de Finetti's Betting-Odds Methods to Prospect Theory Journal of Risk and Uncertainty, 34:179--199.

Kobberling, V., Schwieren, C and Wakker, P.P. (2007). Prospect-Theory's Diminishing Sensitivity versus Economics' Intrinsic Utility of Money: How the Introduction of the of the Euro Can Be Used to Disentagle the Two Empirically Theory and Decision, 63(3):205--231.

van de Kuilen, G.E. and Wakker, P.P. (2006). Learning in the Allais Paradox Journal of Risk and Uncertainty, 33:155--164.

Abdellaoui, M. and Wakker, P.P. (2005). The Likelihood Method for Decision under Uncertainty Theory and Decision, 58:3--76.

Kobberling, V. and Wakker, P.P. (2005). An Index of Loss Aversion Journal of Economic Theory, 122:119--131.

Wakker, P.P. (2005). Decision-Foundations for Properties of Nonadditive Measures for General State Spaces or for General Outcome Spaces Games and Economic Behavior, 50:107--125.

Diecidue, E., Schmidt, U. and Wakker, P.P. (2004). The Utility of Gambling Reconsidered Journal of Risk and Uncertainty, 29:241--259.

Kobberling, V. and Wakker, P.P. (2004). A Simple Tool for Qualitatively Testing, Quantitatively Measuring, and Normatively Justifying Savage's Subjective Expected Utility Journal of Risk and Uncertainty, 28:135--145.

Kobberling, V. and Wakker, P.P. (2003). Preference Foundations for Nonexpected Utility: A Generalized and Simplified Technique Mathematics of Operations Research, 28:395--423.

Diecidue, E. and Wakker, P.P. (2002). Dutch Books: Avoiding Strategic and Dynamic Complications, and a Comonotonic Extension Mathematical Social Sciences, 43:135--149.

Gilboa, I., Schmeidler, D. and Wakker, P.P. (2002). Utility in Case-Based Decision Theory Journal of Economic Theory, 105:483--502.

Wakker, P.P. and Zank, H. (2002). A Simple Preference-Foundation of Cumulative Prospect Theory with Power Utility European Economic Review, 46:1253--1271.

De Waegenaere, A. and Wakker, P.P. (2001). Nonmonotonic Choquet Integrals Journal of Mathematical Economics, 36:45--60.

Diecidue, E. and Wakker, P.P. (2001). On the Intuition of Rank-Dependent Utility Journal of Risk and Uncertainty, 23:281--298.

Wakker, P.P. (2001). Testing and Characterizing Properties of Nonadditive Measures through Violations of the Sure-Thing Principle Econometrica, 69:1039--1059.

Sarin, R.K. and Wakker, P.P. (2000). Cumulative Dominance and Probabilistic Sophistication Mathematical Social Sciences, 40:191--196.

Wakker, P.P. (2000). Book Review Journal of Economic Literature, 38:638--639.

Wakker, P.P. (2000). Uncertainty Aversion: A Discussion of Critical Issues in Health Economics Health Economics, 9:261--263.

Chateauneuf, A. and Wakker, P.P. (1999). An Axiomatization of Cumulative Prospect Theory for Decision under Risk Journal of Risk and Uncertainty, 18:137--145.

Wakker, P.P. and Zank, H. (1999). A Unified Derivation of Classical Subjective Expected Utility Models through Cardinal Utility Journal of Mathematical Economics, 32:1--19.

Wakker, P.P. and Zank, H. (1999). State Dependent Expected Utility for Savage's State Space Mathematics of Operations Research, 24:8--34.

Sarin, R.K. and Wakker, P.P. (1998). Dynamic Choice and Nonexpected Utility Journal of Risk and Uncertainty, 17:87--119.

Sarin, R.K. and Wakker, P.P. (1998). Revealed Likelihood and Knightian Uncertainty Journal of Risk and Uncertainty, 16:223--250.

Bleichrodt, H., Wakker, P.P. and Johannesson, M. (1997). Characterizing QALYs by Risk Neutrality Journal of Risk and Uncertainty, 15(15):107--114.

Kahneman, D., Wakker, P.P. and Sarin, R.K. (1997). Back to Bentham? Explorations of Experienced Utility Quarterly Journal of Economics, 112:375--405.

Sarin, R.K. and Wakker, P.P. (1997). A Single-Stage Approach to Anscombe and Aumann's Expected Utility Review of Economic Studies, 64:399--409.

Wakker, P.P., Thaler, R.H. and Tversky, A. (1997). Probabilistic Insurance Journal of Risk and Uncertainty, 15:7--28.

Chew, S.H. and Wakker, P.P. (1996). The Comonotonic Sure-Thing Principle Journal of Risk and Uncertainty, 12:5--27.

Fennema, H. and Wakker, P.P. (1996). A Test of Rank-Dependent Utility in the Context of Ambiguity Journal of Risk and Uncertainty, 13:19--35.

Miyamoto, J. and Wakker, P.P. (1996). Multiattribute Utility Theory without Expected Utility Foundations Operations Research, 44:313--326.

Peters, H.J.M. and Wakker, P.P. (1996). Cycle-Preserving Extension of Demand Functions to New Commodities Journal of Mathematical Economics, 25:281--290.

Wakker, P.P. (1996). The Sure-Thing Principle and the Comonotonic Sure-Thing Principle: An Axiomatic Analysis Journal of Mathematical Economics, 25:213--227.

Maas, A.I.R., Bezembinder, Th.G.G. and Wakker, P.P. (1995). On Solving Intransitivities in Repeated Pairwise Choices Mathematical Social Sciences, 29:83--101.

Tversky, A. and Wakker, P.P. (1995). Risk Attitudes and Decision Weights Econometrica, 63:1255--1280.

Wakker, P.P. and Klaassen, M.P. (1995). Confidence Intervals for Cost/Effectiveness Ratios Health Economics, 4:373--381.

Peters, H.J.M. and Wakker, P.P. (1994). WARP Does not Imply SARP for More Than Two Commodities Journal of Economic Theory, 62:152--160.

Quiggin, J. and Wakker, P.P. (1994). The Axiomatic Basis of Anticipated Utility; A Clarification Journal of Economic Theory, 64:486--499.

Sarin, R.K. and Wakker, P.P. (1994). A General Result for Quantifying Beliefs Econometrica, 62:683--685.

Wakker, P.P., Erev, I. and Weber, E.U. (1994). Comonotonic Independence: The Critical Test between Classical and Rank-Dependent Utility Theories Journal of Risk and Uncertainty, 9:195--230.

Wakker, P.P. (1994). Separating Marginal Utility and Probabilistic Risk Aversion Theory and Decision, 36:1--44.

Chateauneuf, A. and Wakker, P.P. (1993). From Local to Global Additive Representation Journal of Mathematical Economics, 22:523--545.

Chew, S.H., Epstein, L.G. and Wakker, P.P. (1993). A Unifying Approach to Axiomatic Non-Expected Utility Theories: Correction and Comment Journal of Economic Theory, 59:183--188.

Jaffray, J.Y. and Wakker, P.P. (1993). Decision Making with Belief Functions: Compatibility and Incompatibility with the Sure-Thing Principle Journal of Risk and Uncertainty, 7:255--271.

Wakker, P.P. (1993). Additive Representations on Rank-Ordered Sets II. The Topological Approach Journal of Mathematical Economics, 22:1--26.

Wakker, P.P. and Tversky, A. (1993). An Axiomatization of Cumulative Prospect Theory Journal of Risk and Uncertainty, 7:147--176.

Wakker, P.P. (1993). Clarification of some Mathematical Misunderstandings about Savage's Foundations of Statistics, 1954 Mathematical Social Sciences, 25:199--202.

Wakker, P.P. (1993). Counterexamples to Segal's Measure Representation Theorem Journal of Risk and Uncertainty, 6:91--98.

Wakker, P.P. (1993). Savage's Axioms Usually Imply Violation of Strict Stochastic Dominance Review of Economic Studies, 60:487--493.

Wakker, P.P. (1993). Unbounded Utility for Savage's Foundations of Statistics, and other Models Mathematics of Operations Research, 18:446--485.

Sarin, R.K. and Wakker, P.P. (1992). A Simple Axiomatization of Nonadditive Expected Utility Econometrica, 60:1255--1272.

Wakker, P.P. (1992). Characterizing Stochastically Monotone Functions by Multi-Attribute Utility Theory Economic Theory, 2:565--566.

Peters, H.J.M. and Wakker, P.P. (1991). Independence of Irrelevant Alternatives and Revealed Group Preferences Econometrica, 59:1787--1801.

Wakker, P.P. (1990). Characterizing Optimism and Pessimism Directly hrough Comonotonicity Journal of Economic Theory, 52:453--463.

Wakker, P.P. (1990). Under Stochastic Dominance Choquet-Expected Utility and Anticipated Utility are Identical Theory and Decision, 29:119--132.

Wakker, P.P. (1989). Continuous Subjective Expected Utility with Nonadditive Probabilities Journal of Mathematical Economics, 18:1--27.

Wakker, P.P. (1988). Continuity of Preference Relations for Separable Topologies International Economic Review, 29:105--110.

Wakker, P.P. (1988). Derived Strength of Preference Relations on Coordinates Economics Letters, 28:301--306.

Peters, H.J.M. and Wakker, P.P. (1987). Convex Functions on Non-Convex Domains Economics Letters, 22:251--255.

Wakker, P.P. (1987). Subjective Probabilities for State-Dependent Continuous Utility Mathematical Social Sciences, 14:289--298.

Wakker, P.P. (1986). The Repetitions Approach to Characterize Cardinal Utility Theory and Decision, 20:33--40.

de Koster, R., Peters, H.J.M., Tijs, S.H. and Wakker, P.P. (1983). Risk Sensitivity, Independence of Irrelevant Alternatives and Continuity of Bargaining Solutions Mathematical Social Sciences, 4:295--300.