The ambiguous sets have recently been proposed to represent inherent uncertainties, imprecision, and vague information. In this study, we generalize the concept of the ambiguous set to a single-valued ambiguous number (SVAN). We propose many comparison functions and operational laws for SVANs....

In this paper, we build on the emerging literature on group decision-making to study the so-called ‘group shift’ effect, i.e., groups are less risk-averse than individuals. Our study complements past research in two ways. First, we study the group shift effect under two sources of...

This paper studies how organizational design affects moral outcomes. Subjects face the decision to either kill mice for money or to save mice. We compare a Baseline treatment where subjects are fully pivotal to a Diffused-Pivotality treatment where subjects simultaneously choose in groups of...

We report the results of an experimental analysis of monetary policy decision-making under uncertainty. We used a large sample of economically literate undergraduate and postgraduate students from the London School of Economics to play a simple monetary policy game, both as individuals and in...

The 'Savage paradigm' of rational decision-making under uncertainty has become the dominant model of human behavior in mainstream economics and game theory. However, under the rubric of 'bounded-rationality', this model has been criticized as inadequate from both normative and descriptive...

In this paper, we report the results of experiments designed to test whether individuals and groups abide by the axioms of monotonicity, with respect to first-order stochastic dominance and Bayesian updating, when making decisions in the face of risk. The results indicate a significant number of...

We investigate the ways in which a linear order on a finite set A can be consistently extended to a linear order on a set Pk(A) of multisets on A of fixed cardinality k. We show that for card(A) = 3 all linear orders on Pk(A) are additive and classify them by means of Farey fractions. For...