specification includes two parameters: one for ambiguity attitudes and another for risk attitudes. We also estimate a three … null hypothesis of subjective expected utility for a majority of subjects. Most of the remaining subjects exhibit …

, subjected expected utility and maxmin expected utility in the presence of uncertainty, and exponentially discounted utility for … theories of choice that are germane to specific economic environments. The focus is on expected utility in risky environments …

subsequent times learns to behave as prescribed by the expected-utility model. To do so, the analysis moves from the relevant …), and this is true to a greater extent in a complex context. The expected-utility model explains real behaviours in the long …