broad class of models of choice under risk and under uncertainty. Unlike previous work, we do not require that the agent has … a convex preference, so we allow for risk loving and elation seeking behavior. Our procedure can also be extended to …). We then apply this index to evaluate different models (including expected utility and disappointment aversion) in the …

theories we apply are mean-variance analysis, expected utility analysis and cumulative prospect theory …We show that the optimal asset allocation for an investor depends crucially on the theory with which the investor is … consider is standard asset allocation data. The client data is determined by a standard risk profiling question and the …

We investigate whether violations of canonical axioms of choice under risk are mistakes or a manifestation of true … almost half of our subjects. Among those, roughly 24% are rational expected utility maximizers, 24% make occasional mistakes …