We propose a model of decision making that captures reluctance to bet when the decision maker (DM) perceives that she lacks adequate in- formation or expertise about the underlying contingencies.

We prove that under mild conditions individually rational Pareto optima will exist

Considering that a natural way of sharing risks in insurance companies is to require risk by risk Pareto optimality, we offer in case of strong risk aversion, a simple computable method for deriving all Pareto optima. More importantly all Individually Rational Pareto optima can be computed...

In this paper we study the behaviour of decision makers who show, quoting Irving Fisher, preferences for advancing the timing of future satisfaction. We gave two definitions that could represent this kind of attitude and we studied their implications in three popular models used in decision...

The paper defines a consensus distribution with respect to experts’ opinions by a multiple quantile utility model. The paper points out that the Steiner Point is the representative consensus probability. The new rule of experts’ opinions aggregation, that can be evaluated by the Shapley...