A choice problem is risky (respectively ambiguous) if the decision maker is choosing between probability distributions (respectively sets of probability distributions) over utility relevant consequences. We provide an axiomatic foundation for and a representation of continuous linear preferences...

I analyze optimal natural resource use in an intergenerational model with the risk of a catastrophe. Each generation maximizes a weighted sum of discounted utility (positive) and the probability that a catastrophe will occur at any point in the future (negative). The model generates time-...

In this study we introduce a new stochastic choice rule that categorizes objects in order to simplify the choice procedure. At any given trial, the decision maker deliberately randomizes over mental categories and chooses the best item according to her utility function within the realized...

In this paper, I seek to establish a framework in which solutions to imperfect recall decision problems can be suitably examined. I introduce a strategy concept which is an extension of the standard concept employed since von Neumann and Morgenstern, and show how it may provide optimal solutions...

In this paper, I study decision theory in the presence of imperfect recall. I use an extension of the standard strategy concept for the analysis of extensive form games in order to examine the range of imperfect recall problems for which there exists an optimal solution. Optimality is assessed...

Recent studies on decision analytics frequently refer to the topic of behavioral decision making (BDM), which focuses on behavioral components of decision analytics. This paper provides a critical review of literature for re-examining the relations between BDM and classical decision theories in...

We study the degree of falsifiability of theories of choice. A theory is easy to falsify if relatively small datasets are enough to guarantee that the theory can be falsified: the VC dimension of a theory is the largest sample size for which the theory is ''never falsifiable.'' VC dimension is...

This paper studies associations between the use of formal decision-making processes in e-Government projects and the outcomes of these projects. By doing so, this study contributes to the decision sciences as well as to the fields of e-Government, information systems and public administration....

We investigate various statistical methods for forecasting risky choices and identify important decision predictors. Subjects (n=44) are presented a series of 50/50 gambles that each involves a potential gain and a potential loss, and subjects can choose to either accept or reject a displayed...