consequences. By properly assessing the outcomes involved - especially those concerning human life - economic theory of choice … under uncertainty is expected to help people take the best decision. However, the widely used expected utility theory values …

consequences. By properly assessing the outcomes involved – especially those concerning human life – economic theory of choice … under uncertainty is expected to help people take the best decision. However, the widely used expected utility theory values …

principles of <i>Expected Utility Theory</i> (EUT) and of <i>Portfolio Selection Theory</i> (PST). The experiment is performed … results of our experiment are well explained by the excess-risk vetoing. …

This paper proposes an experiment about the attitude toward probabilities on a population of portfolio managers. Its …

Much experimental effort has been expended in attempts to establish the relative superiority of Expected Utility theory … difficult to identify the ‘best’ description of such behaviour. This paper reports on an experiment which seeks to determine …€˜best’ theory emerges as a result of such repetition. We find that for some subjects this does indeed appear to be the case, while …

This paper proposes an experiment about the attitude toward probabilities on a population of portfolio managers. Its …

such a theory is consequential while a pleasure or displeasure for gambling is a matter of process, not of consequences. A …This paper argues that any specific utility or disutility for gambling must be excluded from expected utility because … (dis)utility for gambling is modeled as a process utility which monotonically combines with expected utility restricted to …

Markowitz’s challenge. We augment the Markowitz utility function with arguments that have roots in the theory of natural … selection: peer wealth, and status. Our specification yields testable implications about gambling, insuring and peer selection …