This paper estimates the determinants of decision time for different types of decision maker in the context of an experimental investigation of multiple prior models of behaviour under ambiguity. Four models are considered: Expected Utility, Smooth, Rank Dependent Expected Utility and Alpha...

Two recent papers, Harless and Camerer(1994) and Hey and Orme(1994) were both addressed to the same question: which is the 'best' theory of decision making under risk? The two papers shared a common concern: the appropriate trade-off between the descriptive accuracy of a theory and the...