It is shown how to test revealed preference data on choices under uncertainty for consistency with first and second …

data with a broad class of models of choice under risk and under uncertainty. Our method allows for risk loving and elation …

\ models the rankings for which the decision maker is sure. The second binary relation is an uncertainty averse preference, as … representing $\succsim^{{\small \wedge}}$. In this way, we show that Bewley preferences and uncertainty averse preferences, two … different approaches in modelling decision making under Knightian uncertainty, are complementary. As a by-product, we extend the …

uncertainty about future income triggers saving because of loss aversion. We extend their theoretical analysis to also consider …