The Allais critique of expected utility theory (EUT) has led to the development of theories of choice under risk that …

general discounted utility model which encompasses the main empirically supported discounted utility models. We show that our … axioms on preferences are satisfied in our general discounted utility model. Finally, we discuss the various explanations of …

This paper concerns the prescriptive function of decision analysis. I suppose that an agent must choose an action … can be represented as maximization of expected utility. However, our agent is not concerned the consistency of his …. Hence, I reason that prescriptions for decision making should respect actuality. That is, they should promote welfare …

theories of choice that are germane to specific economic environments. The focus is on expected utility in risky environments …, subjected expected utility and maxmin expected utility in the presence of uncertainty, and exponentially discounted utility for …