Incorporating a stochastic element into decision theories

G. Loomes, R. Sugden

Research output: Contribution to journalArticlepeer-review

192 Citations (Scopus)


Recent papers by Harless and Camerer (1994) and Hey and Orme (1994) have employed two rather different models of errors in decision making under uncertainty. The present paper develops a third approach and shows how different stochastic specifications of the same deterministic 'core' theory may generate very different (and sometimes surprising) hypotheses.
Original languageEnglish
Pages (from-to)641-648
Number of pages8
JournalEuropean Economic Review
Issue number3-4
Publication statusPublished - 1 Apr 1995


  • Decision theory
  • Imprecise preferences
  • Uncertainty

Cite this