Using the Expected Utility framework, this paper develops a general model of other-regarding preferences under risk. I assume that in addition to conventional preferences over outcomes, individuals could have preferences over outcomes of their peers. Decision makers with other-regarding...

In this paper, we extend von Neumann and Morgenstern’s expected utility approach to a non-commutative probability theory. We introduce a new representation of the decision maker’s set of events which extends the canonical representation. We reformulate von Neumann and Morgenstern’s...