This article is connected with recent attempts to estimate EU and Generalised EU preference functionals using (complete ranking) experimental data and maximum likelihood estimation techniques. In particular, we explore, using Monte Carlo techniques, the power of such procedures in correctly...

This paper reports on the results of absolute and comparative tests, using experimentally-generated data involving 200 subjects and the expenditure of some 1,500 British pounds, of the economic theory of search behavior (built on Subjective Expected Utility Theory (SEUT) foundations). It is...

The main result of this paper is that the classic "marginal cost equals price " condition for the output of the perfectly competitive firm in a one-period certain world carries over to a many-period uncertain world if the firm is allowed to hold inventories and if there exists a forward market...

This paper reports on an experimental investigation into how well human subjects are able to tackle a reasonably complicated dynamic decision problem under risk. Subjects performed the experiment twice (a few days apart). It was found that subjects performed better (though not perfectly) on the...

This article describes a large-scale experimental investigation (using 128 subjects) into opt imal dynamic consumption behavior under income uncertainty. Payment w as linked to performance; nevertheless behavior departed significantl y from optimal behavior. The main focus of the research was on...