in the future. We appeal to decision theory under risk, model ambiguity and misspecification concerns to provide an … into a low dimensional characterization that depends on the uncertainty aversion of a decision-maker or fictitious social …

In this paper we study "investment tournaments," a class of decision problems that involve gradual allocation of … investment among several alternatives whose values are subject to exogenous shocks. The decision-maker's payoff is determined by … broad range of cases it is optimal for the decision-maker in each time period to allocate all resources to the most …

In this paper, we assess the degree to which four of the most commonly used models of risky decision making can explain … explain the decision-making behavior of the majority of our subjects. Surprisingly, we find that the choice behavior of the … of risky decision making …

application of adult women's decisions to undertake mammography to evaluate the importance of present bias and naivety in the … under-utilization of this preventive health care. Our results show evidence for both present bias and naivety …

The favorite-longshot bias describes the longstanding empirical regularity that betting odds provide biased estimates … misperceptions of probability drive the favorite-longshot bias, as suggested by Prospect Theory …

Decisions take time, and the time taken to reach a decision is likely to be informative about the cost of more precise …

class of problems of decision under uncertainty in which the argument for collective choice emerges from the mathematics of … aggregating individual payoffs. Consider decision making when each member of a population has the same objective function, which … depends on an unknown state of nature. If agents knew the state of nature, they would make the same decision. However, they …