). We then apply this index to evaluate different models (including expected utility and disappointment aversion) in the … maximization of some increasing utility function, more than half are consistent with models of expected utility and disappointment …

One of the most well-known models of non-expected utility is Gul (1991)'s model of Disappointment Aversion. This model …, however, is defined implicitly, as the solution to a functional equation; its explicit utility representation is unknown …