of the Savage axioms regarding expected utility maximization and the program for revealing "subjective" or "belief … expected utility theory. First, Ellsberg performed no actual experiments, and in fact recent empirical evidence on the Ellsberg … expected utility theory …

, as in the rank dependent utility model, but using the worst from a set of distortions. We show that a preference for … hedging is not suf?cient to guarantee Ellsberg-like behavior if the agent violates expected utility for objective lotteries …