This chapter reviews developments in the theory of decision making under risk and uncertainty, focusing on models that … “linearity in the probabilities” aspect of expected utility theory to game theory. The chapter consists of two main parts: The …-dependent utility models and cumulative prospect theory. The second part reviews theories of decision making under uncertainty that …

Building on the Herstein-Milnor mixture set axiomatization of expected utility theory, we employ multiple mixture …

Shackle was one of the representative critics of probability calculus. His alternative decision theory was … interpretation of Shacklean theory by focusing on the common stage structure of the decision-making. This paper shows that the … different formal structure, and to provide a new interpretation of Shacklean decision theory. …

to misspecification, and ultimately leads to post-decision disappointment. Using statistical decision theory, we develop …