One of the largest reasons decision-makers make bad decisions (act imprudently) is that the world is full of uncertainty, we feel uncertain about the consequences of our actions. Participants played a repeated game in which decisions were made under various types of uncertainty (either no...

Risks have become an integral part of our society. In this context, the aim of this paper is to provide a summary of the findings of risk research conducted in different fields of study and to trace the effect of these findings on risk management practices. The basic approaches to risk presented...

In this paper we extend Savage's theory of decision-making under uncertainty from a classical environment into a non-classical one. We formulate the corresponding axioms and provide representation theorems for qualitative measures and expected utility. We also propose an application in simple...

The study has analysed the existing livelihood systems and has identified the problems being faced by the women at work in the Dharwad district of Karnataka state. The multistage random sampling technique has been used to select 120 respondents comprising equal number of landless, marginal,...

In this article, research on the application of science to policy issues is reviewed and applied to economic science. Economists who want their professionally credentialed economic research to have an impact on public policy are advised to consult with policy decision-makers in framing their...

Modern environmental issues imply that decision-makers have the capacity to take into account possibly conflicting information from distinct domains, such as science and economics. As the development of technology increases the temporal and spatial scopes of risks, decision-makers can no longer...

The paper examines the effects of ambiguity in regulation on the equilibrium allocation. Under ambiguous bailout policy, agents’ suffer from a lack of information with regards to the insolvency resolution method, which would be chosen by the regulator if a financial institution fails. In this...

The decision-making of indigenous Ibaloi and Kankanaey growers in seven highland communities of Benguet, Cordillera region Philippines was captured in three models. The models explain factors affecting their selection of primary transacting partners. The farmers three main primary marketing...

The standard theory of decision making under uncertainty advises the decision maker to form a statistical model linking outcomes to decisions and then to choose the optimal distribution of outcomes. This assumes that the decision maker trusts the model completely. But what should a decision...