consequences. By properly assessing the outcomes involved - especially those concerning human life - economic theory of choice … under uncertainty is expected to help people take the best decision. However, the widely used expected utility theory values …

This paper proposes an experiment about the attitude toward probabilities on a population of portfolio managers. Its …

Since von Neuman and Morgenstern's (1944) contribution to game theory, a rational decision maker will rank risky … the way they do it is incoherent (Dubois and Prade (1988)). A familiar object in fuzzy set theory is the one of necessity …

In this paper, a fully choice-based theory of disappointment is developed. It encompasses, as particular cases, EU … theory, Gul's theory of disappointment (1991) and the models of Loomes and Sugden (1986). According to the new theory, the … the utility of the realized outcome and its expected value. However, unlike the lottery-dependent approach, the theory is …

comparable prospects, i.e. those which exhibit the same canonical expected utility. This leads to a fully choice-based theory of …

Although it is endowed with many interesting properties, the theory of decision-making under risk by Loomes and Sugden …