consequences. By properly assessing the outcomes involved – especially those concerning human life – economic theory of choice … under uncertainty is expected to help people take the best decision. However, the widely used expected utility theory values …

The results of a new experimental study reveal highly systematic violations of expected utility theory. The pattern of … decision theories— stochastic expected utility theory (Blavatskyy, 2007) and perceived relative argument model (Loomes, 2008 …