positive ambiguity attitudes documented in experiments. We prove that our baseline representation, Boolean expected utility … Marinacci, 2004), which drops uncertainty aversion from maxmin expected utility (Gilboa and Schmeidler, 1989), while extensions …

We design and implement a novel experimental test of subjective expected utility theory and its generalizations. Our … sample of the US population. We find that a majority of subjects’ choices are consistent with maximization of some utility … function, but not with subjective utility theory. The theory is tested by gauging how subjects respond to price changes. A …

based on a weighted average of expected utility (EU) and the MaxiMin criterion. I first show that more weight on the worst … not clear in general, but depends qualitatively on the weight given to MaxiMin: For the quadratic utility case …