The present study reviews the literature about dynamic decision-making and judgment of low-probability, high …-consequence events. The specific features of this situation under risk and uncertainty imply an anomaly: while the single probability of … effective policies and risk management strategies ... ; eng …

ambiguous lotteries in a financial decision context. The experiment can be viewed in two parts. The first part replicates an … virtual funds, and pure risk lotteries. These represent three different levels of uncertainty: two-sided ambiguity, one …-sided ambiguity and pure risk. Our results show a significant relationship between individual overconfidence and competence measures …

Decision makers often take risky decisions on the behalf of others rather than for themselves. Competing theoretical … models predict both, higher as well as lower levels of risk aversion when taking risk for others, and the experimental … managers invest significantly less for others than for themselves (cautious shift) which is mainly driven by a less risk averse …