Modeling attitudes towards uncertainty and risk through the use of choquet integral

The aim of this paper is to present in a unified framework a survey of some results related to Choquet Expected Utility (CEU) models, a promising class of models introduced separately by Quiggin [35], Yaari [48] and Schmeidler [40, 41] which allow to separate attitudes towards uncertainty (or risk) from attitudes towards wealth, while respecting the first order stochastic dominance axiom.     

Estimation and econometric tests under price and output uncertainties

We extend the existing estimation methods to allow empirical estimation and hypothesis testing under simultaneous price and output uncertainty. Our approach modifies and expands the use of duality theory. Furthermore, our approach does not require the specification or estimation of the production/cost function. In addition, our approach does not require the assumption of the statistical independence between price and output. Copyright © 2007 John Wiley & Sons, Ltd.