data with a broad class of models of choice under risk and under uncertainty. Our method allows for risk loving and elation … model of choice. We evaluate the performance of different models (including expected utility, disappointment aversion, rank … dependent utility, mean-variance utility, and stochastically monotone utility) in the data collected by Choi et al. (2007), in …

(Choquet expected utility and maxmin expected utility) in competitive market settings. We start with the portfolio inertia …

The Allais critique of expected utility theory (EUT) has led to the development of theories of choice under risk that …

risk aversion is sufficient. These results highlight the importance of the specification of the utility function and its … in the spirit of the literature on precautionary savings. We find that boundedness of the utility function, in particular … a bounded utility function, we show that in a standard two-period setting, prudence is no longer sufficient to ensure a …