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...

Following a brief review of the main experimental work into the economics of risk and uncertainty, both static and dynamic, this paper reports the results of an experiment testing one of the key assumptions of the theory of dynamic economic behaviour—that people have a plan and implement it....

It is now over 35 years since Professor Shackle published his masterly Expectation in Economics , therein formalising and synthesising his innovative work of the previous decade. Since then, though in varying degrees, controversy has raged over the relevance of his ideas for economic theory, and...

This article brings together and extends several strands of literature concerning the behaviour of the competitive firm operating under (spot) price uncertainty. Specifically, the article analyses a dynamic model in which the firm can hold inventories and can sell in the forward market (at a...

This paper investigates whether some part of the preference reversal phenomenon can be attributed to errors in the responses of subjects in experiments. Such errors have been well documented in other investigations of behaviour in risky decision problems, but their relevance to the preference...

In the context of eliciting preferences for decision making under risk, we ask the question: “which might be the ‘best’ method for eliciting such preferences?”. It is well known that different methods differ in terms of the bias in the elicitation; it is rather less well-known that...