alone cannot explain the observed investment decisions. …

This paper investigates how subjects determine minimum selling prices for lotteries. We design an experiment where …

compatible mechanism is used. Their confidence in own knowledge does not depend on their attitude towards risk/ambiguity. …

This paper presents an axiomatic model of probabilistic choice under risk. In this model, when it comes to choosing one …

theory such as the fourfold pattern of risk attitudes, the discrepancy between certainty equivalent and probability …

Risk aversion is traditionally defined in the context of lotteries over monetary payoffs. This paper extends the notion … of risk aversion to a more general setup where outcomes (consequences) may not be measurable in monetary terms and people … risk aversion within neoclassical expected utility theory, a constant error/tremble model and a strong utility model of …