Expected utility theory (EUT) is currently the standard framework which formally defines rational decision-making under … behaviour under utility theory is incompatible with scarcity of resources, making behaviour consistent with EUT irrational and …

players put into the project depending on the type of uncertainty faced. Furthermore, the delay of effort explains the …

We review some of the (theoretical) economic implications of David Schmeidler's models of decision under uncertainty …

contribute to our understanding of these issues by postulating a model of income uncertainty within a hyperbolic discounting … further extend the analysis with uncertainty about future incomes. Specifically, individuals live for three periods, and the … add biases and uncertainty to characterize their implications and measure the costs of the intertemporal inconsistencies …

If we reassess the rationality question under the assumption that the uncertainty of the natural world is largely … theory of ecological rationality. The main casualty of this rebuilding process is optimality. Once we view optimality as a … formal implication of quantified uncertainty rather than an ecologically meaningful objective, the rationality question …

' responsiveness in the long run. Using an online experiment, we assess how false alarm and missed alarm-prone forecast systems …

-level uncertainty and imperfect information over their life cycle. We find that firms make non-negligible and positively correlated … informed. Moreover, young firms tend to wait long before entering or exiting the market faced with high uncertainty about their …