The descriptive and predictive adequacy of theories of decision making under uncertainty/ambiguity

DOI10.1007/S11166-010-9102-0zbMATH Open1233.91073OpenAlexW2012997954MaRDI QIDQ707889FDOQ707889

Authors John D. Hey, Gianna Lotito, Anna Maffioletti 

Publication date 8 October 2010

Published in Journal of Risk and Uncertainty (Search for Journal in Brave)

Full work available at URL http://hdl.handle.net/2318/138082

zbMATH Keywords

decision makinguncertaintyambiguityprospect theorydecision field theory(Ghirardato) alpha model(Gilboa and Schmeidler) maxmax EU(Gilboa and Schmeidler) maxmin EU(subjective) expected utilitybingo blowerchoquet expected utilitymaxinmaxmaxminimum regret

Mathematics Subject Classification ID

Experimental studies (91A90)

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Cites work

• scientific article; zbMATH DE number 3137856 (Why is no real title available?)
• scientific article; zbMATH DE number 3087284 (Why is no real title available?)
• A Smooth Model of Decision Making under Ambiguity
• Ambiguity Aversion and Comparative Ignorance
• Differentiating ambiguity and ambiguity attitude
• Do subjects separate (or are they sophisticated)?
• Ellsberg Revisited: An Experimental Study
• Estimating ambiguity aversion in a portfolio choice experiment
• Likelihood Ratio Tests for Model Selection and Non-Nested Hypotheses
• Maxmin expected utility with non-unique prior
• Prospect Theory: An Analysis of Decision under Risk
• Risk, ambiguity and the Savage axioms
• The Ellsberg Paradox and Risk Aversion: An Anticipated Utility Approach
• The Theory of Statistical Decision
• Theory of capacities
• `Stochastically more risk averse': a contextual theory of stochastic discrete choice under risk

Cited in

(23)

• Measuring and disentangling ambiguity and confidence in the lab
• Dynamic decision making under ambiguity: an experimental investigation
• Fechner's strong utility model for choice among \(n > 2\) alternatives: risky lotteries, savage acts, and intertemporal payoffs
• Attitudes toward uncertainty and randomization: an experimental study
• Obfuscation maximization-based decision-making: theory, methodology and first empirical evidence
• Black Swans, New Nostradamuses, Voodoo decision theories, and the science of decision making in the face of severe uncertainty
• When and how to satisfice: an experimental investigation
• The correct formula of 1979 prospect theory for multiple outcomes
• Belief hedges: Measuring ambiguity for all events and all models
• Eliciting ambiguity aversion in unknown and in compound lotteries: a smooth ambiguity model experimental study
• Individual antecedents of real options appraisal: the role of national culture and ambiguity
• The Ellsberg paradox: a challenge to quantum decision theory?
• Decision making under uncertainty: the relation between economic preferences and psychological personality traits
• Decision making under uncertainty. Theory and application. With contributions from Christopher Amato, Girish Chowdhary, Jonathan P. How, Hayley J. Davison Reynolds, Jason R. Thornton, Pedro A. Torres-Carrasquillo, N. Kemal Üre and John Vian
• On booms that never bust: ambiguity in experimental asset markets with bubbles
• Experimental evidence on the relationship between perceived ambiguity and likelihood insensitivity
• Knowing me, imagining you: projection and overbidding in auctions
• An experimental investigation of imprecision attitude and its relation with risk attitude and impatience
• DISPLAYING UNCERTAIN INFORMATION ABOUT PROBABILITY: EXPERIMENTAL EVIDENCE
• Inferring beliefs as subjectively imprecise probabilities
• The price for information about probabilities and its relation with risk and ambiguity
• Uncertainty and binary stochastic choice
• Option implied ambiguity and its information content: evidence from the subprime crisis

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