of behavior under risk ; then we look at dynamic theories under risk; and finally look at decision making under ambiguity … (the theory of which is largely static at this point in time). As we proceed through the chapter we will come across a …

weak preference ordering. For choice under risk (resp. uncertainty), preferences are assumed to be represented by the … objectively (resp. subjectively) expected value of a von Neumann-Morgenstern utility function. For choice under risk, this implies …

entrepreneurial priors, and Bayesian updating. The paper also explores connections to effectuation theory, finding that formal …

Quantum decision theory (QDT) is a recently developed theory of decision making based on the mathematics of Hilbert …

-contingent consumer's surplus and the state-contingent marginal utility of wealth and a second term representing risk aversion. This … consumer's surplus is determined by the covariance between preferences and consumer's surplus and risk aversion. The sign of …. We then apply this result to the allocation of risk in the context of both public and private goods. In Section 3, we …

Robust control theory is a tool for assessing decision rules when a decision maker distrusts either the specification … control theory to the so-called multiplier and constraint preferences that have been used to express ambiguity aversion …

Under risk, Arrow-Debreu equilibria can be implemented as Radner equilibria by continuous trading of few long …

materialize over time. Because risk and delay often arise simultaneously, theories of decision making should be capable of … explaining how behavior under risk and over time interacts. There is, in fact, a growing body of evidence indicating important … interactions between behaviorally revealed risk tolerance and patience. Risk taking behavior is delay dependent, and time …