Humans play important roles in the process of quantifying uncertainty. The participation of humans in this important exercise opens the process to behavioral biases. In this paper, we examine the different types of biases that may occur when quantifying uncertainty using a process-oriented...

Draft of a contribution to Kincaid & Ross Modern Guide to Philosophy of Economics (Elgar). To talk in 2020 about the foundations of behavioural and experimental economics (BE and EE from here on), or for that matter the methodological and substantive relationships between economic and...

This paper considers the use of instrumental variables to estimate the mean effect of treatment on the treated, the mean effect of treatment on randomly selected persons and the local average treatment effect. It examines what economic questions these parameters address. When responses to...

This paper develops a dynamic model of rational behavior under uncertainty, in which the agent maximizes the stream of future τ-quantile utilities, for τ ∈ (0, 1). That is, the agent has a quantile utility preference instead of the standard expected utility. Quantile preferences have useful...

In this paper, we recognize that reigning econometric paradigms, do not provide a basis for understanding the complex economic behavioral processes and systems. To acknowledge this void, we borrow some of the key fundamental concepts of entropy methods, and non equilibrium physical systems...