null hypothesis of subjective expected utility for a majority of subjects. Most of the remaining subjects exhibit …

expected utility (GEU) to the diversification of agents who maximize the conventional expected utility (EU). Specifically, we … derive the patterns of diversification for agents who maximize a rank-dependent' expected utility, attaching more weight to … bad' than to good' outcomes, in contrast to the probability weights used in a conventional expected utility maximization …

-Expected Utility theories, we strongly reject Prospect Theory probability weighting, we support disappointment aversion if amended to …There is convincing experimental evidence that Expected Utility fails, but when does it fail, how severely, and for … Expected Utility performs well away from certainty, but fails near certainty for about 40% of subjects. Comparing non …

This article compares classical expected utility (EU) with the more general rank-dependent utility (RDU) models. The …

utility by allowing the utility of an outcome to flexibly depend on its information content in an (Anscombe-Aumann) act …. Subjective beliefs are identified in a special class of our model where the utility of an outcome can be decomposed as the sum of … consumption utility and information utility. Our model allows for both information seeking and information averse preferences, as …