• Graduate program
    • Why Tinbergen Institute?
    • Program Structure
    • Courses
    • Course Registration
    • Recent PhD Placements
    • Facilities
    • Admissions
  • Research
  • News
  • Events
    • Summer School
      • Crash Course in Experimental Economics
      • Introduction in Genome-Wide Data Analysis
      • Research on Productivity, Trade, and Growth
      • Econometric Methods for Forecasting and Data Science
  • Times
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

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

Li,C. and Turmunkh,U. and Wakker,P.P.. 2018. Trust as a Decision under Ambiguity. Experimental Economics, in press

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, 83--116

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

Li,Z. and 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--13

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

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

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

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

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

Kothiyal,A. and 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--17

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

Wakker,P.P. and Li,C. and Li,Z.. 2014. If Nudge Cannot Be Applied: A Litmus Test of the Readers’ Stance on Paternalism. Theory and Decision, 76, 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, 28--30

G. Baltussen and G.T. Post and van den Assem, M.J. and P.P. Wakker. 2012. Random Incentive Systems in a Dynamic Choice Experiment. Experimental Economics, 15, 418--443, 1386-4157

Baillon,A. and 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, 115--147

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

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

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

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

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

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

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

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

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

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

Diecidue,E. and 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. and 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, 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

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

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

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. and 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

Gilboa,I. and 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

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

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

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

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

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

Kahneman,D. and 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

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

Wakker,P.P. and 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

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

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

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. and 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

Chew,S.H. and 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

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

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

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. 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,M.B.M. and Peters,H.J.M. and 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

de Koster,R. and Peters,H.J.M. and 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