Panel data are specific data where cases are observed at two or more time periods. This approach brings many advantages: larger dataset, decreasing collinearity between exogenous variables and using advanced econometric models. The panel data models were applied to data from the Household Budget...

This paper summarizes the major events in the recent history of modelling human decisions under risk. After presenting the basics of expected utility theory, the key pieces of evidence are described which showed that under certain circumstances, this theory is not descriptively valid. The most...

This paper pits expected utility theory and cumulative prospect theory against each other as regards their descriptive accuracy. Some older as well as newer pieces of evidence are described which show that under certain circumstances, expected utility theory is not descriptively valid. The most...