Expected utility theory (EUT) is currently the standard framework which formally defines rational decision-making under … behaviour under utility theory is incompatible with scarcity of resources, making behaviour consistent with EUT irrational and …

aggressively bid in auctions and contests. Do people try to trade-off the probability of winning with other basic risk dimensions … the puzzle of equilibrium effort more than risk-neutral Nash equilibrium in experiments …

We consider a standard one-agent decision-making problem under risk and we address the following question: under what … conditions is utility maximization equivalent to 'risk' minimization, where the measure of risk used by the decision-maker is a … conservative coherent risk measure? …

We investigate whether violations of canonical axioms of choice under risk are mistakes or a manifestation of true …

phenomena described by Prospect Theory through a novel reformulation of its primitives. The model accounts for individual … heterogeneity in behavior, employs fewer parameters than Prospect Theory, and retains neurobiological plausibility as a causal model … of the choice process. Our theory makes a series of novel behavioral predictions amenable to future testing and includes …

We describe a risk protocol that combines the rigor of economic studies of risk with the ecological validity of tasks … from psychology. Despite a wealth of experimental contributions on risk preferences, stemming from a variety of elicitation … tasks, the external validity of standard measures of risk is questionable. In this study we focus on a risk task - the …

the addition of several new chapters on risk sharing, asymmetric information, adverse selection, signaling and moral …