Two recent papers, Harless and Camerer (1994) and Hey and Orme (1994) are both addressed to the same question: which is the "best" theory of decision making under risk? As an essential part of their separate approaches to an answer to this question, both sets of authors had to make an assumption...

A number of generalizations of the expected utility preference functional are estimated using experimentally generated data involving 100 pairwise choice questions repeated on two separate occasions. Likelihood ratio tests are conducted to investigate the statistical superiority of the various...

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...

Representing ambiguity in the laboratory using a Bingo Blower (which is transparent and not manipulable) and asking the subjects a series of allocation questions (which are more efficient than pairwise choice questions), we obtain data from which we can estimate by maximum likelihood methods...

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...