Neuroeconomics is the study of the neurobiological and computational basis of value-based
decision making. Its goal is to provide a biologically based account of human behaviour that …

Many decisions involve uncertainty, or imperfect knowledge about how choices lead to
outcomes. Colloquial notions of uncertainty, particularly when describing a decision as' …

Policymaking during a pandemic can be extremely challenging. As COVID-19 is a new
disease and its global impacts are unprecedented, decisions are taken in a highly uncertain …

We study the effect that a general lack of trust can have on stock market participation. In
deciding whether to buy stocks, investors factor in the risk of being cheated. The perception …

We propose and characterize a model of preferences over acts such that the decision maker
prefers act f to act g if and only if 𝔼μφ (𝔼πu○ f) 𝔼μφ (𝔼πu○ g), where 𝔼 is the expectation …

Prospect Theory: For Risk and Ambiguity, provides a comprehensive and accessible
textbook treatment of the way decisions are made both when we have the statistical …

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 …

The objective of this paper is to show how ambiguity, and a decision maker (DM)'s response
to it, can be modelled formally in the context of a general decision model. We introduce a …

We often deal with uncertain events for which no probabilities are known. Several normative
models have been proposed. Descriptive studies have usually been qualitative, or they …

We test the relation between ambiguity aversion and five household portfolio choice
puzzles: nonparticipation in equities, low allocations to equity, home-bias, own-company …