This paper investigates a decision-making process involving both risk and uncertainty. The decision-maker is supposed to split events between "familiar", and "unfamiliar" ones, and she/he is assumed to behave differently with respect to them. In particular, it is showed that the DM overweighs...

In recent years most Austrian developments have argued for a definitive shift away from the search for equilibrium constructs and in favor of the analysis of those institutions which favor ordered outcomes of the market process. These developments imply an inevitable withdrawal from...

Making a book (Dutch Book) is the most prominent argument against using capacities or multiple priors in decision theory. I show that if an individual uses Choquet expected utility the strongest normative justification to reject individual decisions based on multiple priors or capacity fails....