This paper studies the relation between concavity, stochastic or state dependent utility functions, and risk aversion …. Using the common definition of risk aversion, but modified for state dependent preferences, we show that concavity does not … imply risk aversion. Instead, it implies a weaker version of risk aversion, defined herein, and called risk aversion for …

We introduce range and sign dependent utility, an integrative behavioral model for uncertain cash flows. For gambles … played today, the model can be seen as an extension of original prospect theory based on range, rather than rank. For single …, a s-shaped range distortion function, and a subjective survival function for time. Range and sign dependent utility …

defined as attitude toward mean-preserving spreads in probabilities---analogous to the Rothschild-Stiglitz risk attitude … toward mean-preserving spreads in outcomes. The model refines the separations between tastes and beliefs, and between risk …

behaved consistent with subjective expected utility with Bayesian updating. The majority of ambiguity averse subjects violated …