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An Experiment on Decision Making under Risk and Uncertainty

Author

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  • Archavski, Victor Yu.
  • Okulov, Vitaly L.

Abstract

We asked the participants of our controlled experiment to solve the Newsboy Problem. In this work we describe the design of the experiment. We analyze results of the experiment and emphasize the difference between the theoretical solution and the solution chosen by our subjects. We test several hypotheses including the hypothesis of learning. We also suggest a possible algorithm that could have been used by the participants. Using the assumptions of the probabilistic algorithm we compute the stationary distribution of the solutions. Executive summary is available on p.39 (in English).

Suggested Citation

  • Archavski, Victor Yu. & Okulov, Vitaly L., 2012. "An Experiment on Decision Making under Risk and Uncertainty," Working Papers 807, Graduate School of Management, St. Petersburg State University.
  • Handle: RePEc:sps:wpaper:807
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    File URL: https://dspace.spbu.ru/handle/11701/807
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    Cited by:

    1. Arshavskiy V. & Okulov V. & Smirnova A., 2014. "Newsvendor Problem Experiments: Riskiness of the Decisions and Learning by Experience," International Journal of Business and Social Research, LAR Center Press, vol. 4(5), pages 137-150, May.
    2. Arshavskiy V. & Okulov V. & Smirnova A., 2014. "Newsvendor Problem Experiments: Riskiness of the Decisions and Learning by Experience," International Journal of Business and Social Research, MIR Center for Socio-Economic Research, vol. 4(5), pages 137-150, May.

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