This paper deals with nonexpected utility preferences over multivariate distributions. The authors present two equivalent dominance axioms, implying an additivety separable structure of the local utility functions. They also imply that nonexpected utility functionals directly depend on the...

The paper describes a decision process under which it is rational to prefer a lottery with known probabilities to a similar ambiguous lottery where the decision maker does not know the exact values of the probabilities (the "Ellsberg paradox"). This is done by modeling ambiguous lotteries as...

Machina (American Economic Review 99 (2009), 385–392; American Economic Review 104 (2014), 3814–40) lists a number of situations where Choquet expected utility, as well as other known models of ambiguity aversion, cannot capture plausible features of ambiguity attitudes. Most of these problems...