The basic analytical concepts, tools and results of the classical expected utility/subjective probability model of risk preferences and beliefs under subjective uncertainty can be extended to general “event-smooth” preferences over subjective acts that do not necessarily satisfy either of...

Every subjective state space with Euclidean structure contains almost-objective events which arbitrarily closely approximate the properties of objectively uncertain events for all individuals with event-smooth betting preferences - whether or not they are expected utility, state-independent, or...

This paper uses the tools and techniques of generalized expected utility analysis to explore the robustness of some of the classical basic results in insurance theory to departures from the expected utility hypothesis on agents' risk preferences. The areas explored consist of individual demand...

When forecasts of the future value of some variable, or the probability of some event, are used for purposes of ex ante planning or decision making, then the preferences, opportunities and constraints of the decision maker will all enter into the ex post evaluation of a forecast, and the ex post...