Travel time variability is a random phenomenon, and within the presence of it, uncertainty is associated with decision making. When a choice is made in an uncertain situation, the probability distribution is based on the subjective judgments of a decision maker. This paper introduces a...

Doctor of Philosophy

In this paper, the origins and development of behavioural economics, beginning with the pioneering works of Herbert Simon (1953) and Ward Edwards (1954), is traced, described and (critically) discussed, in some detail. Two kinds of behavioural economics – classical and modern – are...

The phenomena of ambiguity and ambiguity aversion , introduced in Daniel Ellsberg’s seminal 1961 article, are ubiquitous in the real world and violate both the key rationality axioms and classic models of choice under uncertainty. In particular, they violate the hypothesis that individuals’...

Despite its importance for the analysis of life-cycle behavior and, in particular, retirement planning, stock ownership by private households is poorly understood. Among other approaches to investigate these puzzles, recent research has started to elicit private households' expectations of stock...

This paper is concerned with the representation of preferences which do not satisfy the ordinary axioms for state-independent utilities.