We prove some core convergence theorems for finite economies without monotone preferences or free disposal of commodities. When these assumptions are relaxed, the relationship between the continuum and the large finite economies is lost. Extra conditions are needed, in general, to obtain...

We propose a new measure of deviations from expected utility, given data on economic choices under risk and uncertainty. In a revealed preference setup, and given a positive number e, we provide a characterization of the datasets whose deviation (in beliefs, utility, or perceived prices) is...

We design and implement a novel experimental test of subjective expected utility theory and its generalizations. Our experiments are implemented in the laboratory with a student population, and pushed out through a large-scale panel to a general sample of the US population. We find that a...