In decision theory projects are usually evaluated in terms of their riskiness, and often decision under risk is … interconnections between the random quantities involved in the decision are taken into account. The conditions to be satisfied in order …

We present a preference foundation for Chance Theory (CT), a model of decision making under uncertainty where the … rationality principles like first-order stochastic dominance or transitivity. Decision makers with CT-preferences always prefer …

probability distributions on consequences as commonly done in decision theory. Our analysis singles out a number of characteristic …

used to test the predictions of ten decision theories: risk neutrality, expected utility theory, fanning-out hypothesis …

The mean-variance approach is an influential theory of decision under risk proposed by Markowitz (Markowitz, H. 1952 …

theory. We introduce a new representation of the decision maker’s set of events which extends the canonical representation …. We reformulate von Neumann and Morgenstern’s approach to modeling decision maker behavior by non-commutative probability … generalization of the expected utility theorem. Our generalization allows for decision makers to make an intuitive distinction …