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Experiments in decision-making under risk and uncertainty: thinking outside the box

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  • Steven R. Elliott

    (Department of Economics, 208 Laws Hall, Miami University, Oxford, OH 45056, USA)

Abstract

This paper surveys a selection of recent research results which use laboratory methods to contribute to our understanding of risk and uncertainty in environments which are of particular interest to managerial decision-making. The first set of experimental results addresses issues related to insuring against risky outcomes and the roles of the degree of risk and the complexity of risk. Laboratory results related to models of job search are then reviewed, followed by applications of laboratory methods to evaluating models of investment decisions. Finally, issues related to markets for inputs (petroleum, water, electricity) are presented. The necessarily interactive role of theory development, laboratory experimentation and field observation is discussed. © 1998 John Wiley & Sons, Ltd.

Suggested Citation

  • Steven R. Elliott, 1998. "Experiments in decision-making under risk and uncertainty: thinking outside the box," Managerial and Decision Economics, John Wiley & Sons, Ltd., vol. 19(4-5), pages 239-257.
  • Handle: RePEc:wly:mgtdec:v:19:y:1998:i:4-5:p:239-257
    DOI: 10.1002/(SICI)1099-1468(199806/08)19:4/5<239::AID-MDE889>3.0.CO;2-F
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    Cited by:

    1. Andrea Morone & Ozlem Ozdemir, 2006. "Valuing Protection against Low Probability, High Loss Risks: Experimental Evidence," Papers on Strategic Interaction 2006-34, Max Planck Institute of Economics, Strategic Interaction Group.
    2. Jonathan P. O'Brien & Timothy B. Folta & Douglas R. Johnson, 2003. "A real options perspective on entrepreneurial entry in the face of uncertainty," Managerial and Decision Economics, John Wiley & Sons, Ltd., vol. 24(8), pages 515-533.

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