choosing a solution is modeling the decision maker's attitude to risk. The expected utility theory was the first approach that … extensions of the original expected utility theory, and the analysis of the main properties of the cumulative prospect theory …

This paper merges the non-expected utility approach (Tversky and Kahneman, J Risk Uncertain 5:297–323, <CitationRef …-expected utility maximization. Our main finding suggests that when the proportion of traded lemons is high (low), the problem of market …

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 …

experiments. Contrary to the traditional view of expected utility theory, the choices can be explained in large part by previous …