Experiments on choice under risk typically involve multiple decisions by individual subjects. The choice of mechanism for selecting decision(s) for payoff is an essential design feature that is often driven by appeal to the isolation hypothesis or the independence axiom. We report two...

This thesis deals with standard and behavioral perspectives on the role of expectations in individual decision making. Chapter 2 considers the influence of subjective expectations on insurance demand. The analysis takes a standard approach by arguing that the subjective risk assessment of the...

Experimental research on decision making under risk has until now always employed choice data in order to evaluate the empirical performance of expected utility and the alternative nonexpected utility theories. The present paper performs a similar analysis which relies on pricing data instead of...