landscape. Uncertainty and perceptions are influential drivers when it comes to migration decisions, and yet, the literature … simultaneously associated with uncertainty perceptions. We leverage the British referendum of 2016 to leave the European Union as a … unique natural experiment to demonstrate how collective uncertainty, induced by national government policy, affects the …

We design and implement a novel experimental test of subjective expected utility theory and its generalizations. Our … function, but not with subjective utility theory. The theory is tested by gauging how subjects respond to price changes. A … majority of subjects respond to price changes in the direction predicted by the theory, but not to a degree that makes them …

This paper develops a theory in which heterogeneity in political preferences produces a partisan disagreement about … objective facts. A political decision involving both idiosyncratic preferences and scientific knowledge is considered. Voters … voters' intrinsic preferences or because of rigidities in the political process. The theory predicts that providing mixed …

remedy for these shortcomings by developing a dynamical model of procedurally rational decision making. The basic idea of the … model is a feedback loop between experienced utility, decision utility, and activities. In applications of the model, I show …

We develop a measure of static misallocation that separates uncertainty from misallocation generated by tax …-like distortions. In the Finnish firm-level data, uncertainty accounts for the majority of ex post misallocation and explains a strong … implies idiosyncratic distortions, in line with our accounting approach. According to our quantitative results, uncertainty …

robust model for small amounts of uncertainty and analyze the effect of robustness on optimal trading strategies and … liquidation costs. In particular, in our model ambiguity aversion is observationally equivalent to increased risk aversion. This …

between axioms of decision theory: consistency and preference axioms. We argue that this distinction has been overlooked by …We challenge the standard definition of economic rationality as consistency by making use of a novel distinction … the literature and, as a result, evidence that consistency is a proxy of decision-making ability is often based on …