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 …

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 …

refutation of the expected utility hypothesis, and more specifically of the condition of von Neumann-Morgenstern independence …