Incorporating a stochastic element into decision theories

G. Loomes; R. Sugden

Incorporating a stochastic element into decision theories

G. Loomes
, R. Sugden

Research output: Contribution to journal › Article › peer-review

207 Citations (Scopus)

Abstract

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 language	English
Pages (from-to)	641-648
Number of pages	8
Journal	European Economic Review
Volume	39
Issue number	3-4
Publication status	Published - 1 Apr 1995

Keywords

Decision theory
Imprecise preferences
Uncertainty

Cite this

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AB - 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.

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KW - Imprecise preferences

KW - Uncertainty

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Incorporating a stochastic element into decision theories

Abstract

Keywords

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Cite this