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

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Title: Decision Makers Facing Uncertainty: Theory Versus Evidence Author(s): GIORDANI, Paolo; SCHLAG, Karl H.; ZWART, Sanne Date: 2010 Type of Publication: Article Abstract: 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, Sanne Date: 2007 Type of Publication: Working Paper Series/Report no.: EUI MWP; 2007/27 Abstract: 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 ...

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