Ellsberg and others suggested that decision under ambiguity is a rich empirical domain with many phenomena to be investigated beyond the Ellsberg urns. We provide a systematic empirical investigation of this richness by varying both the uncertain events, the outcomes, and combinations of these....

Doyle's (2013) theoretical survey of discount functions criticizes two parametric families abbreviated as CRDI and CADI families. We show that Doyle's criticisms are based on a mathematical mistake and are incorrect.

Bernheim and Sprenger (2020, Econometrica ; SB) claimed to experimentally falsify rank dependence in prospect theory. This comment criticizes SB’s results and novelty claims. Their experiments only captured well-known heuristics and not genuine preferences. Many more falsifications of rank...

This paper introduces the Prince incentive system for measuring preferences. Prince is a variation of the random incentive system that enhances isolation and makes incentive compatibility more transparent to subjects. It allows for the precise and direct elicitation of indifference values as...

Using a theorem showing that matching probabilities of ambiguous events can capture ambiguity attitudes, we introduce a tractable method for measuring ambiguity attitudes and apply it in a large representative sample. In addition to ambiguity aversion, we confirm an ambiguity component recently...

Two experiments show that violations of expected utility due to ambiguity, found in general decision experiments, also affect belief aggregation. Hence we use modern ambiguity theories to analyze belief aggregation, thus obtaining more refined and empirically more valid results than traditional...

Nash is famous for many inventions, but it is less known that he, simultaneously with Marschak, also was the first to axiomatize expected utility for risk. In particular, these authors were the first to state the independence condition, a condition that should have been but was not stated by von...

This paper shows how de Finetti's book-making principle, commonly used to justify additive subjective probabilities, can be modified to agree with some nonexpected utility models. More precisely, a new foundation of the rank-dependent models is presented that is based on a comonotonic extension...