theories, rank dependent utility (RDU) and cumulative prospect theory (CP) incorporate (i) but not (ii). By contrast, prospect … functions ; Composite cumulative prospect theory ; Composite rank dependent utility theory ; Insurance; St. Petersburg paradox …

We develop awareness-dependent subjective expected utility by taking unawareness structures introduced in Heifetz …, Meier, and Schipper (2006, 2008, 2011a) as primitives in the Anscombe-Aumann approach to subjective expected utility. We … negation of the event is "null". Moreover, we characterize "impersonal" expected utility that is behaviorally indistinguishable …

This paper extends Savage's subjective approach to probability and utility from decision problems under exogenous …