Decision Makers Facing Uncertainty: Theory versus Evidence

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dc.contributor.author GIORDANI, Paolo
dc.contributor.author SCHLAG, Karl H.
dc.contributor.author ZWART, Sanne
dc.date.accessioned 2007-10-27T11:49:19Z
dc.date.available 2007-10-27T11:49:19Z
dc.date.issued 2007
dc.identifier.issn 1830-1541
dc.identifier.uri http://hdl.handle.net/1814/7362
dc.description.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 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.language.iso en en
dc.publisher European University Institute
dc.relation.ispartofseries EUI MWP en
dc.relation.ispartofseries 2007/27 en
dc.subject Uncertainty en
dc.subject maximin en
dc.subject minimax regret en
dc.subject Bayesianism en
dc.subject European Values Survey en
dc.subject latent class analysis en
dc.subject D81 en
dc.subject C4 en
dc.title Decision Makers Facing Uncertainty: Theory versus Evidence en
dc.type Working Paper en
dc.neeo.contributor GIORDANI|Paolo|aut|
dc.neeo.contributor SCHLAG|Karl H.|aut|
dc.neeo.contributor ZWART|Sanne|aut|
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