, the DM here tends to experiment excessively when facing modest uncertainty and, to counteract it, may stop experimenting … prematurely when facing high uncertainty. In the latter case, the DM's stopping rule is non-monotonic in beliefs and features …

payoff and a stochastic time limit. The agent is unsure about the correct model quantifying the uncertainty and seeks to …

We study a two-stage R&D project with an abandonment option. Two types of uncertainty influence the decision to start R …&D. Demand uncertainty is modelled as a lottery between a proportional increase and decrease in demand. Technical uncertainty is … modelled as a lottery between a decrease and increase in the cost to continue R&D. We relate differences in uncertainty to …

their risk aversion parameter invest less in risky assets than wealthy investors with identical risk aversion uncertainty. …

overlooked: the swiftness of formal sanctions. We consider two dimensions: the timing at which the uncertainty about whether one …

This paper demonstrates that well-established biases in decision making under uncertainty can generate poverty traps. A …

In criminal cases the task of the judge is to transform the uncertainty about the facts into the certainty of the …