This paper discusses models of choice under imprecise objective probabilistic information featuring beliefs about beliefs -- second order beliefs. A new model, called Second Order Dual Expected Utility (SODEU) featuring non-additive second order beliefs is introduced, axiomatized and...

Regret helps to optimize decision behaviour. It can be defined as a rational emotion. Several recent neurobiological studies have confirmed the interface between emotion and cognition at which regret is located and documented its role in decision behaviour. These data give credibility to the...

Framing effects occur when different descriptions of the same decision problem give rise to divergent decisions.They can be seen as a violation of the decision theoretic version of the principle of extensionality (PE). The PE in logic means that two logically equivalent sentences can be...

Indifference and incomparability are different concepts that may lead to different behavioral consequences. Under the assumption that the agent is averse to making a choice between incomparable alternatives, we propose an axiomatic model that allows for a discrimination between indifference and...

We examined lay perceptions of the recent financial and economic crisis through 1707 questionnaires, ‎administered via internet, to a varied group of volunteers in a range of countries: France, the US, ‎Russia, Germany, Israel, and sub-Saharan Africa. Respondents graded the contribution of a...