Economics and management science share the tradition of ordering risk aversionby fitting the best expected utility (EU …) model with a certain utility function to in-dividual data, and then using the utility curvature for each individual as the … introduced the weighting of probabilities as anadditional component to capture risk attitude. However, if utility curvature and …

In the framework of expected utility theory, risk attitudes are entirely capturedby the curvature of the utility … thismodication, one question arises naturally: since both utility and probability weight-ing determine the attitude towards risk …