Experiments have identified a number of well-known violations of expected utility theory, giving rise to alternative models of choice under uncertainty, all of which are able to explain these violations. In this article, predictions of several prominent rival formulations are examined. No single...

Tests of Competing Theories of Consumer Choice and the Representative Consumer Hypothesis In this paper, the authors estimate demand functions for individual agents. They test if commonly-used functions are consisten t with the data and if parameters are the same across subjects. The y examine...

The betweenness axiom of expected utility theory, which is not required under several nonexpected utility formulations, is examined. Choices are checked for independence axiom violations in the Allais direction and for fanning out in little explored areas of the unit probability triangle, as...