. As applications, we investigate the properties of optimized certainty equivalent based on the rank-dependent utility (RDU …

documented in experiments. This model, Boolean expected utility (BEU), represents the belief the decision-maker uses to evaluate …

and 1985 within the framework provided by expected utility theory (EUT). It is shown that this history displays a definite …The paper reconstructs the history of the experimental attempts to measure the cardinal utility of money between 1950 … trajectory: from the confidence in EUT and the EUT-based measurement of utility of the 1950s to the skepticism that, from the mid …

of investors who maximize rank-dependent utility in a single-period complete market. We prove that investors with a less …

Expected utility functions are limited to second-order (conditional) risk aversion, while non-expected utility … aversion is consistent with the framework of the expected utility hypothesis. Our theoretical result proposes new insights into … participation. Our model is compared to the rank-dependent expected utility model …

This paper studies when stochastic choices are consistent with behavior from Bayesian expected utility maximization and … there is no random deviation rule that improves ex-ante expected utility for all possible information structures consistent …

Consider a subjective expected utility preference relation. It is usually held that the representations with which this … relation is compatible differ only in one respect, namely, the possible scales for the measurement of utility. In this paper, I … existence is that the standard axiomatizations of subjective expected utility fail to provide the measurement of subjective …

In this paper we report further progress towards a complete theory of state-independent expected utility maximization … with semi-martingale price processes for arbitrary utility function. Without any technical assumptions we establish a …

This paper tests an intertemporal consumption-leisure model with non-expected utility. There is evidence to reject the … commonly used expected-utility specification and to accept the non-expected utility one as the model's restrictions are not …