Anscombe and Aumann (1963) wrote a classic characterization of subjective expected utility
theory. This paper employs the same domain for preference and a closely related (but …

This paper analyzes dynamic choice for decision makers whose preferences violate
Savage's sure‐thing principle (Savage 1954) and, therefore, give rise to violations of …

This paper extends the work on location-scale (LS) family with general n random seed
sources. First, we clarify and generalize existing results in this multivariate setting. Some …

Dynamic models of ambiguity aversion are increasingly popular in applied work. This paper
shows that there is a strong interdependence in such models between the ambiguity attitude …

In this paper, we establish an axiomatically founded generalized recursive smooth ambiguity
model that allows for a separation among intertemporal substitution, risk aversion, and …

Asset Pricing Theory is an advanced textbook for doctoral students and researchers that
offers a modern introduction to the theoretical and methodological foundations of …

We design a laboratory experiment to identify whether a preference for randomisation
defines a stable type across different choice environments. In games and individual …

In this paper, we consider the problem of the existence and the uniqueness of a recursive
utility function defined on intertemporal lotteries. The purpose of this paper is to provide the …

This paper presents a general technique for comparing the concavity of different utility
functions when probabilities need not be known. It generalizes:(a) Yaariʼs comparisons of …

The Pareto principle is often viewed as a mild requirement compatible with a variety of value
judgments. In particular, it is generally thought that it can accommodate different degrees of …