This paper provides a characterization of the consequences of the assumption that a decision maker with a given utility function is Choquet rational: She maximizes expected utility, but possibly with respect to non-additive beliefs, so that her preferences are represented by Choquet expected...

In perfectly competitive economies under uncertainty, there is a well-known equivalence between a formulation with contingent goods and a formulation with state-specific securities followed by spot markets for goods. In this paper, I examine whether this equivalence carries over in a particular...

This paper studies the normative problem of redistribution between agents who can influence their survival probability through private health spending, but who differ in their attitude towards the risks involved in the lotteries of life to be chosen. For that purpose, we develop a two-period...