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dc.contributor.authorGIORDANI, Paolo
dc.contributor.authorSCHLAG, Karl H.
dc.contributor.authorZWART, Sanne
dc.date.accessioned2011-04-19T12:47:47Z
dc.date.available2011-04-19T12:47:47Z
dc.date.issued2010
dc.identifier.citationJournal of Economic Psychology, 2010, 31, 4, 659-675
dc.identifier.issn0167-4870
dc.identifier.urihttp://hdl.handle.net/1814/16481
dc.descriptionRevised version of EUI MWP WP 2007/27
dc.description.abstractThis paper aims at assessing cultural differences in uncertainty attitude across Europe. We select questions from the European Values Survey (EVS) capturing salient features of uncertain scenarios (safe versus uncertain, freedom of choice and reduction of uncertainty), and formalize these questions through simple decision-theoretic problems. We then consider three competing normative models of choice under uncertainty (subjective expected utility (SEU), maximin utility and minimax regret), and analyze how they behave when facing each decision problem. We obtain theoretical predictions and, using the EVS dataset, we test them via latent class analysis to estimate the distribution of these behaviors across EU15. We find a larger proportion of SEU maximizers (Bayesians) in northern countries than in southern countries. The opposite is true for maximin utility behavior. Only a few are consistent with minimax regret behavior. (C) 2010 Elsevier B.V. All rights reserved.
dc.language.isoen
dc.publisherElsevier Science Bv
dc.relation.isversionofhttp://hdl.handle.net/1814/7362
dc.subjectUncertainty
dc.subjectMaximin
dc.subjectMinimax regret
dc.subjectBayesianism
dc.subjectCross-cultural differences
dc.subjectEuropean Values Survey
dc.subjectLatent class analysis
dc.titleDecision Makers Facing Uncertainty: Theory Versus Evidence
dc.typeArticle
dc.identifier.doi10.1016/j.joep.2010.04.004
dc.neeo.contributorGIORDANI|Paolo E.|aut|
dc.neeo.contributorSCHLAG|Karl H.|aut|
dc.neeo.contributorZWART|Sanne|aut|
dc.identifier.volume31
dc.identifier.startpage659
dc.identifier.endpage675
eui.subscribe.skiptrue
dc.identifier.issue4


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