A decision maker (DM) is asked to make choices from a set of acts, which entail both risk and uncertainty in the sense … choice the DM can make) can also be rationalized by the DM maximizing her subjective expected utility for some subjective …

defined as attitude toward mean-preserving spreads in probabilities---analogous to the Rothschild-Stiglitz risk attitude … toward mean-preserving spreads in outcomes. The model refines the separations between tastes and beliefs, and between risk …