; Savage, 1954): (i) unlikely atoms, which requires that there is an event containing no atoms that is at least as likely as … unique countably additive probability measure representation, generalizing Villegas (1964) to allow atoms. Unlike previous … contributions that allow atoms, we impose no cancellation or solvability axiom. …

Expected utility theory is critical for modeling rational decision making under uncertainty, guiding economic agents as …

premium is an extended Wang's premiumprinciple. The novel contribution is that we allow for heterogeneity in the beliefs …

evidence that people overweight 'good news' relative to 'bad news' when updating ego-relevant beliefs. In this paper, we …

coefficient in the Hurwicz α-maxmin EU model that fully controls for beliefs …