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Experimental investigations of errors in decision making under risk

In: Experiments in Economics Decision Making and Markets

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  • John D. Hey

Abstract

Many, if not all, of the recent theories of decision making under risk, that have been developed in the light of experimentally observed violations of Expected Utility theory, are essentially deterministic in nature, yet it is clear that actual decision making contains a random or error component. This paper surveys the assumptions that have been employed in previous analyses of such experimental data, and tries to find better explanations (both from an economic and an econometrics point of view), of such errors. Hopefully, such work will lead to a unified theory, in which the stochastic component is an integral part.

Suggested Citation

  • John D. Hey, 2018. "Experimental investigations of errors in decision making under risk," World Scientific Book Chapters, in: Experiments in Economics Decision Making and Markets, chapter 17, pages 381-388, World Scientific Publishing Co. Pte. Ltd..
    • Handle: RePEc:wsi:wschap:9789813235816_0017
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    JEL classification:

    • C90 - Mathematical and Quantitative Methods - - Design of Experiments - - - General

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