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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...
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We propose a class of multiple-prior representations of preferences under ambiguity where the belief the decision …
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This paper introduces an axiomatic model of decision making where a person's subjective judgment as to the likelihood …
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financial decision making, i.e. the domain of most applied economic decision making. We find no evidence of asymmetric updating …
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between axioms of decision theory: consistency and preference axioms. We argue that this distinction has been overlooked by … the literature and, as a result, evidence that consistency is a proxy of decision-making ability is often based on …
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