Abstract. Choice of contingent claims could reflect risk aversion or pessimism. Accordingly, the underlying, but hidden preferences might fit ex-pected utility of customary von Neumann-Morgenstern form- or more gener-ally, comply with a Choquet integral. This paper considers constrained choice and rationalizes both sorts of attitudes. Two avenues are pursued: one invokes complete orders; the other contends with partial ordering. Emphasis is on in-complete financial markets, featuring nonlinear pricing
