Lewandowski, Michal - In: Journal of Risk and Uncertainty 48 (2014) 3, pp. 253-283
I analyze two expected utility models which abandon the consequentialist assumption of terminal wealth positions. In the expected utility of gambling wealth model, in which initial wealth is allowed to be small, I show that a large WTA/WTP gap is possible and the (Rabin in Econometrica, 68(5),...