This paper studies a problem of choice under uncertainty in which a decision-maker's (DM) choices randomly map to consumption outcomes. The primitive is a binary relation on menus, where a menu is a set of possible ex post outcomes. After the DM selects a menu, nature (not the DM) makes a...

We propose a class of multiple-prior representations of preferences under ambiguity, where the belief the decision-maker (DM) uses to evaluate an uncertain prospect is the outcome of a game played by two conflicting forces, Pessimism and Optimism. The model does not restrict the sign of the...