Expected utility theory (EUT) is currently the standard framework which formally defines rational decision-making under …

choosing a solution is modeling the decision maker's attitude to risk. The expected utility theory was the first approach that … extensions of the original expected utility theory, and the analysis of the main properties of the cumulative prospect theory …

We present a tractable generalization of quantal response equilibrium via non-expected utility preferences. In …

null hypothesis of subjective expected utility for a majority of subjects. Most of the remaining subjects exhibit …

(Choquet expected utility and maxmin expected utility) in competitive market settings. We start with the portfolio inertia …

We design and implement a novel experimental test of subjective expected utility theory and its generalizations. Our … fully consistent with subjective expected utility. Surprisingly, maxmin expected utility adds no explanatory power to … subjective expected utility. Our findings remain the same regardless of whether we look at laboratory data or the panel survey …