Lo, Kin Chung - In: Economics Bulletin 4 (2008) 27, pp. 1-5
Machina (2007) formulates a number of experiments, and shows that they can be used to test the Choquet expected utility model. We show that one of them can also be used to test the class of maxmin expected utility preferences in Klibanoff (2001). Those preferences are not consistent with Choquet...