Expected utility theory (EUT) is currently the standard framework which formally defines rational decision-making under … behaviour under utility theory is incompatible with scarcity of resources, making behaviour consistent with EUT irrational and …

risk of extreme climate conditions. However, being confronted with inaccurate forecast systems may undermine individuals …' responsiveness in the long run. Using an online experiment, we assess how false alarm and missed alarm-prone forecast systems …

under the expected utility theory (EUT) are somewhat subject to context. Other findings imply that the risk premium (RP), as …The present paper introduces a theoretical framework through which the degree of risk aversion with respect uncertain … prices can be measured through the context of the indirect utility function (IUF) using a lab experiment. First, the paper …

weighting functions for the risky prospects placed 6 and 12 months into the future. The experiment is used to test whether … decision errors can explain or be highly correlated with hyperbolic discounting and non-linear (inverse-S-shaped) probability … weighting. We find evidence that decision errors are strongly correlated with hyperbolic discounting but do not find that …

toward multiple‐prior uncertainties in terms of ambiguity and its corresponding compound risk. Our findings point to a shared …

Using a revealed preference approach, we conduct an experiment where subjects make choices from linear convex budgets … in the domain of risk. We find that many individuals prefer mixtures of lotteries in ways that systematically rule out … task. We find that a preference to mix is positively correlated with behavior from repeated discrete choice tasks. Risk …

We introduce and analyze expected balanced uncertain utility (EBUU) theory. A prior and a balanced outcome-set utility … characterize an EBUU decision maker. Conditional on a reference or "balancing value," the latter assigns a utility to each outcome …-set. The decision maker associates with each act, its envelope, the minimal measurable mapping from states to outcome-sets that …

Recent theoretical developments in economics distinguish between risk and ambiguity (Knightian uncertainty). Using …

The goal programming (GP) is a well-known approach applied to multi-criteria decision making (M-DM). It has been used … analogies between M-DM under certainty and scenario-based one-criterion decision making under uncertainty (1-DMU) have not been … hybrids for 1-DMU are formulated. They differ from each other in terms of the type of the decision maker considered (pessimist …