We investigate the evaluation of known (where probability is known) and unknown (where probability is unknown) bets in comparative and non-comparative contexts. A series of experiments support the finding that ambiguity avoidance persists in both comparative and non-comparative conditions. The...

An individual's preference for risky alternatives is influenced by the strength of preference he feels for the consequences and his attitude toward risk taking. Conventional measures of risk attitude confound these two factors. In this paper we formally separate these factors and explore how...

This paper is the second of a two-paper study of fairness issues for decisions that affect the benefits received and the risks encountered by a population. The study examines fairness for individuals and for homogeneous groups within the population. It considers fairness both for population...

In this paper the theory and estimation procedures for several consumer preference models are discussed. Predictive accuracy in the form of internal consistency of these models is compared in an empirical application. Consumer decision situations are classified into two classes: decisions under...

In many decision problems, the consequences of an action may impact several individuals, and the decision may be based on the preferences of those who are affected. The rule for aggregating these individual preferences is called a group preference aggregation rule. In this paper we present a...

A risk assessment model is developed to relate adverse health effects to alternative carbon monoxide standards. The analysis requires information in the form of available data and expert judgments concerning factors such as ambient CO level, human exposure to CO, physiological responses, and...