Browsing Department of Economics (ECO) by Subject "Uncertainty"

Now showing items 1-2 of 2

Title:Decision Makers Facing Uncertainty: Theory Versus Evidence Author(s):GIORDANI, Paolo; SCHLAG, Karl H.; ZWART, SanneDate:2010Citation:Journal of Economic Psychology, 2010, 31, 4, 659-675Type:ArticleAbstract:This 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, ...
Title:Decision Makers Facing Uncertainty: Theory versus Evidence Author(s):GIORDANI, Paolo; SCHLAG, Karl H.; ZWART, SanneDate:2007Type:Working PaperSeries/Number:EUI MWP; 2007/27Abstract:We consider three competing normative theories of how to make choices when facing uncertainty: subjective expected utility, maximin utility and minimax regret. In simple decision problems, we compare how decision makers ...