Prof. dr. P.P. (Peter) Wakker

Peter Wakker
Erasmus School of Economics (ESE)
Erasmus University Rotterdam
Member ERIM
Field: Marketing
Affiliated since 2008

Peter Wakker is professor of decision under uncertainty at Behavioral Econ. of Erasmus School of Econ. (ESE). He works in behavioral economics and on risk/ambiguity. He has published in leading journals in economics, business, medicine, psychology, statistics, and mathematics. He was the best-publishing Dutch economist in 1994, 1998, 2003, and 2007, and collaborated with three Nobel-prize winners. He is the 157th most influential economist, and the 20463th most influential researcher over all disciplines (Ioannidis, Boyack, & Baas 2020 Table 6). Köbberling & Wakker (2005) is among the 50 most influential papers in Journal of Economic Theory (Shell, Borgers, & Pavan (2020). Wakker received a Medical Decision Making Career Achievement Award (2007), the Frank P. Ramsey Medal (2013; highest award of INFORMS Decision Analysis Society), and an Honorary doctorate in economics (University of St. Gallen 2016). He frequently gives advices on insurance in the media. He is a director of the research group Behavioral Economics. Personal website.

Publications

Article (78)

  • Academic (76)

    • Baltussen, G., Post, GT., assem, MJ., & Wakker, P. (2012). Random Incentive Systems in a Dynamic Choice Experiment. Experimental Economics, 15(3), 418-443. https://doi.org/10.1007/s10683-011-9306-4

    • Baillon, A., Cabantous, L., & Wakker, P. (2012). Aggregating Imprecise or Conflicting Beliefs: An Experimental Investigation Using Modern Ambiguity Theories. Journal of Risk and Uncertainty, 44(2), 115-147. https://doi.org/10.1007/s11166-012-9140-x

    • Baillon, A., Driesen, B., & Wakker, P. (2012). Relative Concave Utility for Risk and Ambiguity. Games and Economic Behavior, 75(2), 481-489. https://doi.org/10.1016/j.geb.2012.01.006

    • Abdellaoui, M., Baillon, A., Placido, L., & Wakker, P. (2011). The Rich Domain of Uncertainty: Source Functions and Their Experimental Implementation. The American Economic Review, 101(2), 695-723. https://doi.org/10.1257/aer.101.2.695

    • van de Kuilen, G., & Wakker, P. (2011). The Midweight Method to Measure Attitudes towards Risk and Ambiguity. Management Science, 57(3), 582-598. https://doi.org/10.1287/mnsc.1100.1282

    • Wakker, P. (2011). Jaffray's Ideas on Ambiguity. Theory and Decision, 71(1), 11-22. https://doi.org/10.1007/s11238-010-9209-4

    • Kothiyal, A., Spinu, V., & Wakker, P. (2011). Comonotonic Proper Scoring Rules to Measure Ambiguity and Subjective Beliefs. Journal of Multi-Criteria Decision Analysis, 17(3/4), 101-113. https://doi.org/10.1002/mcda.454

    • Trautmann, ST., Vieider, FM., & Wakker, P. (2011). Preference Reversals for Ambiguity Aversion. Management Science, 57(7), 1320-1333. https://doi.org/10.1287/mnsc.1110.1343

    • Kothiyal, A., Spinu, V., & Wakker, P. (2011). Prospect Theory for Continuous Distributions: A Preference Foundation. Journal of Risk and Uncertainty, 42(3), 195-210. https://doi.org/10.1007/s11166-011-9118-0

    • Trautmann, ST., & Wakker, P. (2010). Process Fairness and Dynamic Consistency. Economics Letters, 109(3), 187-189. https://doi.org/10.1016/j.econlet.2010.08.031

    • Attema, A., Bleichrodt, H., Rohde, K., & Wakker, P. (2010). Time-Tradeoff Sequences for Analyzing Discounting and Time Inconsistency. Management Science, 56(11), 2015-2030. https://doi.org/10.1287/mnsc.1100.1219

    • Bleichrodt, H., Rohde, K., & Wakker, P. (2009). Non-Hyperbolic Time Inconsistency. Games and Economic Behavior, 66(1), 27-38. https://doi.org/10.1016/j.geb.2008.05.007

    • Offerman, T., Sonnemans, J., van de Kuilen, G., & Wakker, P. (2009). A Truth-Serum for Non-Bayesians: Correcting Proper Scoring Rules for Risk Attitudes. Review of Economic Studies, 76(4), 1461-1489. https://doi.org/10.1111/j.1467-937X.2009.00557.x

    • Sales, C., & Wakker, P. (2009). The Metric-Frequency Measure of Similarity for Ill-Structured Data Sets, with an Application to Family Therapy. British Journal of Mathematical and Statistical Psychology, 62(3), 663-682. https://doi.org/10.1348/000711008X376070

    • Trautmann, ST., Vieider, F., & Wakker, P. (2008). Causes of Ambiguity Aversion: Known versus Unknown Preferences. Journal of Risk and Uncertainty, 36(3), 225-243. https://doi.org/10.1007/s11166-008-9038-9

    • de Palma, A., Ben-Akiva, M., Brownstone, D., Holt, C., Thierry, M., McFadden, D., Moffatt, P., Picard, N., Train, K., Wakker, P., & Walker, J. (2008). Risk, Uncertainty and Discrete Choice Models. Marketing Letters, 19(3/4), 269-285. https://doi.org/10.1007/s11002-008-9047-0

    • Bleichrodt, H., Rohde, K., & Wakker, P. (2008). Combining additive representations on subsets into an overall representation. Journal of Mathematical Psychology, 52(5), 304-310. https://doi.org/10.1016/j.jmp.2008.04.005

    • Bleichrodt, H., Rohde, K., & Wakker, P. (2008). Koopmans' Constant Discounting for Intertemporal Choice: A Simplification and a Generalization. Journal of Mathematical Psychology, 52(6), 341-347. https://doi.org/10.1016/j.jmp.2008.05.003

    • Wakker, P. (2008). Lessons Learned by (from?) an Economists Working in Medical Decision Making. Medical Decision Making, 28, 690-698. https://doi.org/10.1177/0272989X08323916

    • Wakker, P. (2008). Explaining the Characteristics of the Power (CRRA) Utility Family. Health Economics, 17(12), 1329-1344. https://doi.org/10.1002/hec.1331

    • Abdellaoui, M., Barrios, C., & Wakker, P. (2007). Reconciling Introspective Utility with Revealed Preference: Experimental Arguments Based on Prospect Theory. Journal of Econometrics, 138(1), 336-378. https://doi.org/10.1016/j.jeconom.2006.05.025

    • Diecidue, E., Wakker, P., & 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. https://doi.org/10.1007/s11166-007-9011-z

    • Wakker, P., Timmermans, DRM., & Machielse, IA. (2007). The Effects of Statistical Information on Risk and Ambiguity Attitudes, and on Rational Decisions. Management Science, 53(11), 1770-1784. https://doi.org/10.1287/mnsc.1070.0735

    • Kobberling, V., Schwieren, C., & Wakker, 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, GE., & Wakker, P. (2006). Learning in the Allais Paradox. Journal of Risk and Uncertainty, 33, 155-164. https://doi.org/10.1007/s11166-006-0390-3

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

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

    • Wakker, 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., & Wakker, P. (2004). The Utility of Gambling Reconsidered. Journal of Risk and Uncertainty, 29, 241-259.

    • Kobberling, V., & Wakker, 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.

    • van Osch, SMC., Wakker, P., van den Hout, W., & Stiggelbout, AM. (2004). Correcting Biases in Standard Gamble and Time Tradeoff Utilities. Medical Decision Making, 24, 511-517.

    • Wakker, P. (2004). On the Composition of Risk Preference and Belief. Psychological Review, 111, 236-241. https://doi.org/10.1037/0033-295X.111.1.236

    • Wakker, P., Jansen, SJT., & Stiggelbout, AM. (2004). Anchor Levels as a New Tool for the Theory and Measurement of Multiattribute Utility. Decision Analysis, 1, 217-234.

    • Wakker, P. (2003). The Data of Levy and Levy (2002) "Prospect Theory: Much Ado about Nothing?" Actually Support Prospect Theory. Management Science, 49, 979-981.

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

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

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

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

    • Bleichrodt, H., Pinto, JL., & Wakker, P. (2001). Making Descriptive Use of Prospect Theory to Improve the Prescriptive Use of Expected Utility. Management Science, 47(11), 1498-1514.

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

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

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

    • Post, PN., Siggelbout, AM., & Wakker, P. (2001). The Utility of Health States Following Stroke; a Systematic Review of the Literature. Stroke, 32, 1425-1429.

    • Jansen, SJT., Stiggelbout, AM., Wakker, P., Nooij, AN., Noordijk, EM., & Kievit, J. (2000). Unstable Preferences: A Shift in Valuation or an Effect of the Elicitation Procedure? Medical Decision Making, 20, 62-71.

    • Wakker, P. (2000). Dempster Belief Functions Are Based on the Principle of Complete Ignorance. International Journal of Uncertainty Fuzziness and Knowledge-Based Systems, 8, 271-284.

    • Sarin, RK., & Wakker, P. (2000). Cumulative Dominance and Probabilistic Sophistication. Mathematical Social Sciences, 40, 191-196.

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

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

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

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

    • Miyamoto, JM., Wakker, P., Bleichrodt, H., & Peters, HJM. (1998). The Zero-Condition: A Simplifying Assumption in QALY Measurement and Multiattribute Utility. Management Science, 44, 839-849.

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

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

    • Fennema, H., & Wakker, P. (1997). Original and Cumulative Prospect Theory: A Discussion of Empirical Differences. Journal of Behavioral Decision Making, 10, 53-64.

    • Stalmeier, PFM., Wakker, P., & Bezembinder, TG. (1997). Preference Reversals: Violations of Unidimensional Procedure Invariance. Journal of Experimental Psychology-Human Perception and Performance, 23, 1196-1205.

    • Wakker, P., Thaler, RH., & Tversky, A. (1997). Probabilistic Insurance. Journal of Risk and Uncertainty, 15, 7-28. http://hdl.handle.net/1765/23093

    • Wakker, P., & Deneffe, D. (1996). Eliciting von Neumann-Morgenstern Utilities when Probabilities Are Distorted or Unknown. Management Science, 42, 1131-1150.

    • Chew, SH., & Wakker, P. (1996). The Comonotonic Sure-Thing Principle. Journal of Risk and Uncertainty, 12, 5-27. https://doi.org/10.1007/BF00353328

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

    • Peters, HJM., & Wakker, P. (1996). Cycle-Preserving Extension of Demand Functions to New Commodities. Journal of Mathematical Economics, 25, 281-290. https://doi.org/10.1016/0304-4068(95)00733-4

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

    • Wakker, P. (1996). A Criticism of Healthy-Years Equivalents. Medical Decision Making, 16, 207-214.

    • Wakker, P. (1996). The Sure-Thing Principle and the Comonotonic Sure-Thing Principle: An Axiomatic Analysis. Journal of Mathematical Economics, 25, 213-227. https://doi.org/10.1016/0304-4068(95)00721-0

    • Tversky, A., & Wakker, P. (1995). Risk Attitudes and Decision Weights. Econometrica, 63, 1255-1280. http://hdl.handle.net/1765/23118

    • Fishburn, PC., & Wakker, P. (1995). The Invention of the Independence Condition for Preferences. Management Science, 41, 1130-1144. http://hdl.handle.net/1765/23108

    • Maas, AIR., Bezembinder, TG., & Wakker, P. (1995). On Solving Intransitivities in Repeated Pairwise Choices. Mathematical Social Sciences, 29, 83-101. https://doi.org/10.1016/0165-4896(94)00769-5

    • Wakker, P. (1994). Separating Marginal Utility and Probabilistic Risk Aversion. Theory and Decision, 36, 1-44. https://doi.org/10.1007/BF01075296

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

    • Sarin, RK., & Wakker, P. (1994). Folding Back in Decision Tree Analysis. Management Science, 40, 625-628.

    • Sarin, RK., & Wakker, P. (1994). A General Result for Quantifying Beliefs. Econometrica, 62, 683-685.

    • Peters, HJM., & Wakker, P. (1994). WARP Does not Imply SARP for More Than Two Commodities. Journal of Economic Theory, 62, 152-160.

    • Maas, AIR., & Wakker, P. (1994). Additive Conjoint Measurement for Multiattribute Utility. Journal of Mathematical Psychology, 38, 86-101.

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

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

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

    • Chew, SH., Epstein, LG., & Wakker, P. (1993). A Unifying Approach to Axiomatic Non-Expected Utility Theories: Correction and Comment. Journal of Economic Theory, 59, 183-188.

  • Popular (2)

    • Boogaards, E., & Wakker, P. (2009). Doe de Polis-Check (en Bespaar Geld). Unknown, 28-29.

    • Wakker, P. (2008). Verliesangst is de Drijfveer voor Afsluiten Verzekeren. Postbank NL, 27-29.

Book/Film/Article review (7)

  • Academic (7)

    • Wakker, P. (2000). Luce's Paradigm for Decision under Uncertainty. Journal of Mathematical Psychology, 44, 488-493.

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

    • Wakker, P. (1998). Non-EU and Insurance. Journal of Behavioral Decision Making, 11, 151-160.

    • Wakker, P. (1996). Time Preference. Journal of Behavioral Decision Making, 9, 297-303.

    • Wakker, P. (1996). Book Review. Journal of Behavioral Decision Making, 9, 150-151.

    • Wakker, P. (1994). Expected versus Nonexpected Utility: The State of the Art. Journal of Mathematical Psychology, 38, 521-524.

    • Wakker, P. (1994). Quiggin's Rank-Dependent Model. Journal of Mathematical Psychology, 38, 525-526.

Chapter (5)

  • Academic (5)

    • Wakker, P. (2008). Uncertainty. In L. Blume, & S. N. Durlauf (Eds.), The New Palgrave: A Dictionary of Economics (Vol. 8, pp. 428-439). Palgrave Macmillan.

    • Wakker, P. (2004). Preference Axiomatizations for Decision under Uncertainty. In I. Gilboa (Ed.), Uncertainty in Economic Theory: Essays in Honor of David Schmeidler's 65 birthday (pp. 20-35). Routledge.

    • Peters, HJM., & Wakker, P. (1990). Independence of Irrelevant Alternatives and Revealed Group Preferences (Extended abstract). In T. Ichiishi, & A. Neyman (Eds.), Game Theory and Applications (pp. 404-406). Academic Press.

    • Schmeidler, D., & Wakker, P. (1987). Expected Utility and Mathematical Expectation. In J. Eatwell, M. Murray, & P. Newman (Eds.), The New Palgrave: A Dictionary of Economics (pp. 229-232). The MacMillan Press.

    • Wakker, P. (1987). From Decision Making under Uncertainty to Game Theory. In H. J. M. Peters, & K. J. Vrieze (Eds.), Surveys of Game Theory and Related Topics (pp. 163-180). Centre for Mathematics and Computer Science.

Conference proceeding (8)

  • Academic (8)

    • Wakker, P. (2002). Decision-Principles to Justify Carnap's Updating Method and to Suggest Corrections of Probability Judgments. In A. Darwiche, & N. Friedman (Eds.), Uncertainty in Artificial Intelligence, Proceedings of the Eighteenth Conference (pp. 544-551). Morgan Kaufmann.

    • Timmermans, DRM., Politser, P., & Wakker, P. (1995). Aggregation, Rationality, and Risk Communication: Three Current Debates in Medical Decision Making. In J. P. Caverni, M. Bar-Hillel, F. Hutton Barron, & H. Jungermann (Eds.), Contributions to Decision Making -I (pp. 111-117). Elseviers Science.

    • Sarin, RK., & Wakker, P. (1994). Gains and Losses in Nonadditive Expected Utility. In M. J. Machina, & B. R. Munier (Eds.), Models and Experiments on Risk and Rationality (pp. 157-172). Kluwer Academic.

    • Fennema, H., & Wakker, P. (1994). An Explanation and Characterization for the Buying of Lotteries. In S. Rios (Ed.), Decision Theory and Decision Analysis: Trends and Challenges (pp. 163-175). Kluwer Academic.

    • Wakker, P. (1991). Additive Representations of Preferences, A New Foundation of Decision Analysis; The Algebraic Approach. In J. P. Doignon, & J. C. Falmagne (Eds.), Mathematical Psychology: Current Developments (pp. 71-87). Springer-Verlag. http://hdl.handle.net/1765/23218

    • Wakker, P. (1989). Transforming Probabilities without Violating Stochastic Dominance. In E. E. C. I. Roskam (Ed.), Mathematical Psychology in Progress (pp. 29-47). Springer-Verlag. http://hdl.handle.net/1765/23231

    • Wakker, P. (1988). Characterizations of Quasilinear Representing Functions, and Specified Forms of These. In W. Eichhorn (Ed.), Measurement in Economics (Theory and Applications of Economic Indices (pp. 311-326). Physica Verlag.

    • Wakker, P. (1986). Concave Additively Decomposable Representing Functions and Risk Aversion. In L. Daboni, A. Montesano, & M. Lines (Eds.), Recent Developments in the Foundations of Utility and Risk Theory (pp. 249-262). Reidel.

PhD Tracks (2)

Irrationality: What, Why and How
  • Role: Promotor
  • PhD Candidate: Zhihua Li
  • Time frame: 2010 - 2014
Through Mind and Behaviour to Financial Decisions
  • Role: Member Doctoral Committee
  • PhD Candidate: Nishad Matawlie
  • Time frame: 2015 - 2020

Course (1)

Past
  • Behavioral Decision Theory (2022/2023)

Events (2)

2014
June
25
SIKS Master class/workshop: Modelling Uncertainty: Theory and Applications
Research Workshop
As: Speaker
2014
May
14
Choice Paradoxes and Behavioural Economics to Better Describe and Prescribe Choices
Research Seminar
As: Speaker

Award (1)

Address

Visiting address

Office: N1-09
Burgemeester Oudlaan 50
3062 PA Rotterdam

Postal address

Postbus 1738
3000 DR Rotterdam
Netherlands

Latest publication

Article

Baltussen, G., Post, GT., assem, MJ., & Wakker, P. (2012). Random Incentive Systems in a Dynamic Choice Experiment. Experimental Economics, 15(3), 418-443. https://doi.org/10.1007/s10683-011-9306-4