This paper is motivated by the search for one cardinal utility for decisions under risk, welfare evaluations, and other contexts. This cardinal utility should have meaning prior to risk, with risk depending on cardinal utility, not the other way around. The rank-dependent utility model can...

This paper explores how some widely studied classes of nonexpected utility models could be used in dynamic choice situations. A new "sequential consistency" condition is introduced for single-stage and two-stage decision problems. Sequential consistency requires that if a decision maker has...