In this paper we show that decision makers who maximize expected utility on a two-dimensional set of the real numbers … (i.e., who maximize expected utility on R×R) rather than on the real numbers alone, can act in ways predicted by the … Allais in his original 1953 paper can be explained by the extended expected utility model that is described in this paper …

according to a reference point established in an elicitation question. In particular, the utility that people place on a bundle …

Expected Utility Theory -- Alternative Descriptive Models -- A Positivistic Test of EU Theory -- An Experimental Study … undertaken regarding the descrip­ tive validity of expected utility theory as a model of choice under uncer­ tainty. His …, task effects, and context effects as they influence behavior. The expected utility hypothesis has come under scrutiny in …

null hypothesis of subjective expected utility for a majority of subjects. Most of the remaining subjects exhibit …