I provide a novel simplified approach to Savage's theory of subjective expected utility. Such an approach is based on … results can be used to easily obtain variations on Savage's theorem, such as representations with state-dependent utility or …

objectively (resp. subjectively) expected value of a von Neumann-Morgenstern utility function. For choice under risk, this implies …

The analysis of optimal risk sharing has been thus far largely restricted to nonexpected utility models with concave … utility functions, where concavity is an expression of ambiguity aversion and/or risk aversion. This paper extends the … analysis to α-maxmin expected utility, Choquet expected utility, and cumulative prospect theory, which accommodate ambiguity …