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dc.contributor.authorGIORDANI, Paolo
dc.contributor.authorSCHLAG, Karl H.
dc.contributor.authorZWART, Sanne
dc.date.accessioned2007-10-27T11:49:19Z
dc.date.available2007-10-27T11:49:19Z
dc.date.issued2007
dc.identifier.issn1830-1541
dc.identifier.urihttp://hdl.handle.net/1814/7362
dc.description.abstractWe 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 under each of these theories value safe options, freedom of choice and information. We then use these models to predict answers to questions in the European Values Survey and use these predictions via a latent class analysis to estimate the distribution of these behaviors across Europe. We find a larger proportion of Bayesians in the Northern countries than in Southern countries. The opposite is true for maximin utility behavior. Only a few are consistent with minimax regret behavior.en
dc.format.mimetypeapplication/pdf
dc.language.isoenen
dc.publisherEuropean University Institute
dc.relation.ispartofseriesEUI MWPen
dc.relation.ispartofseries2007/27en
dc.relation.hasversionhttp://hdl.handle.net/1814/16481
dc.rightsinfo:eu-repo/semantics/openAccess
dc.subjectUncertaintyen
dc.subjectmaximinen
dc.subjectminimax regreten
dc.subjectBayesianismen
dc.subjectEuropean Values Surveyen
dc.subjectlatent class analysisen
dc.subjectD81en
dc.subjectC4en
dc.titleDecision Makers Facing Uncertainty: Theory versus Evidenceen
dc.typeWorking Paperen
dc.neeo.contributorGIORDANI|Paolo|aut|
dc.neeo.contributorSCHLAG|Karl H.|aut|
dc.neeo.contributorZWART|Sanne|aut|
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