Choice Under Uncertainty: Empirical Methods and Experimental Results

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Title of host publicationHandbook of the Economics of Risk and Uncertainty
DatePublished - 2014
Pages809-850
Number of pages42
PublisherNorth Holland
Place of PublicationOxford
EditorsMark J Machina, W Kip Viscusi
Volume1
Original languageEnglish
ISBN (Print)978-0-444-53685-3

Abstract

This chapter is concerned with the empirical exploration and experimental investigation of the numerous theories of decision-making under uncertainty proposed in the earlier chapters of this handbook. This chapter begins with static theories of behaviour under risk; then we look at dynamic theories under risk; and finally look at decision-making under ambiguity (the theory on which is largely static at this point in time). As we proceed through the chapter we will come across a number of methodological issues concerning the conduct of experiments, and relating to the econometric analysis of the data. These issues will be elaborated further in the concluding sub-sections of the appropriate sections and in a concluding section at the end of the chapter.

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