This paper demonstrates that well-established biases in decision making under uncertainty can generate poverty traps. A … theoretical framework is developed to demonstrate that: i) probability weighting and ambiguity attitude can lead individuals to …

-varying forecast uncertainty and risk for the real price of oil over the period 1974-2018. We show that the combination approach …We propose a novel and numerically efficient quantification approach to forecast uncertainty of the real price of oil … analysis of profit-loss and hedging against price risk. …

-varying forecast uncertainty and risk for the real price of oil over the period 1974-2018. We show that the combination approach …We propose a novel and numerically efficient quantification approach to forecast uncertainty of the real price of oil … analysis of profit-loss and hedging against price risk. …

of uncertainty on travel times and the implications this has forestimations of travel time values has received much less … attention in the literature. In thispaper we compare various modelling approaches to address uncertainty and demonstrate … thatignoring uncertainty issues may easily lead to distorted estimates of values of travel time. Thisis of special relevance in …

degree of rationality that is higher than which can be attained by the individual. In this realm his main preoccupation are …

Neumann-Morgenstern expected utility functions using cooperative game theory. The social network literature studies various … ordinary risk . We show that this leads to a class of centrality measures that is fully determined by the degrees (i.e. the …

experiments. Contrary to the traditional view of expected utility theory, the choices can be explained in large part by previous … outcomes experienced during the game. Risk aversion decreases after earlier expectations have been shattered by unfavorable … outcomes or surpassed by favorable outcomes. Our results point to reference-dependent choice theories such as prospect theory …