Grant, SimonKajii, Atsushi2023-01-310167-2681http://hdl.handle.net/1885/284068In this paper we provide an axiomatization for a representation of preferences over lotteries that is only one parameter richer than expected utility. Our model is a special case of Rank-Dependent Expected Utility. Moreover, we show that the same restriction on this parameter is required for: risk aversion; intuitive comparative static results for a reasonably general class of economically interesting choice problems; and accommodating some of the most well-known violations of Expected Utility Theory.application/pdfen-AU© 1998 Elsevier Science B.V.Rank-dependent expected utilityDisappointment aversionAllais paradox199810.1016/S0167-2681(98)00094-82021-11-28