Cerreia-Vioglio, Simone; Dillenberger, David; Ortoleva, … - In: Theoretical Economics 15 (2020) 4, pp. 1509-1546
One of the most well-known models of non-expected utility is Gul (1991)'s model of Disappointment Aversion. This model, however, is defined implicitly, as the solution to a functional equation; its explicit utility representation is unknown, which may limit its applicability. We show that an...