Journal: Theory and Decision

Abbreviation

Theory Decis

Publisher

Springer

Journal Volumes

ISSN

0040-5833
1573-7187

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Publications 1 - 6 of 6
  • Bidding behaviour in experimental auctions under risk and uncertainty
    Item type: Journal Article
    McCallum, Chloe; Cerroni, Simone; Derbyshire, Daniel; et al. (2025)
    Theory and Decision
    This paper explores bidding behaviour under risk and uncertainty using the Becker-DeGroot-Marschak mechanism (BDM) and second price auction (SPA). It investigates whether values elicited via the two mechanisms are consistent and whether bidding behaviour can be influenced by differences in the number and type of sources of risk and uncertainty that people face when exposed to the two mechanisms. In our experiment, subjects are exposed to non-monetary lotteries where they bid for a high-quality seafood product, but there is a chance (known or unknown) that they receive a lower quality seafood product instead. Results indicate that bidding behaviour can be influenced by the number and type of sources of risk and uncertainty that subjects face and subjects' bidding behaviour is only consistent with standard theories of decision making under risk and uncertainty when they bid on a risky product in the SPA. Despite this, BDM and SPA elicit equal values under risk and uncertainty in this study.
  • Decision theory with prospect interference and entanglement
    Item type: Journal Article
    Yukalov, Vyacheslav I.; Sornette, Didier (2011)
    Theory and Decision
  • Risk and the Value of Information in Irreversible Decisions
    Item type: Journal Article
    Gersbach, Hans (1997)
    Theory and Decision
  • Always doing your best? Effort and performance in dynamic settings
    Item type: Journal Article
    Houy, Nicolas; Nicolaï, Jean-Philippe; Villeval, Marie C. (2020)
    Theory and Decision
    Achieving an ambitious goal frequently requires succeeding in a sequence of intermediate tasks, some being critical for the final outcome, and others not. However, individuals are not always able to provide a level of effort sufficient to guarantee success in all such intermediate tasks. The ability to manage effort throughout the sequence of tasks is, therefore, critical when resources are limited. In this paper, we propose a criterion of importance that is person- and context-specific, as it is based on how an individual should optimally allocate a limited stock of exhaustible efforts over tasks. We test this importance criterion in a laboratory experiment that reproduces the main features of a tennis match. We show that our importance criterion is able to predict the individuals’ performance and it outperforms the Morris-importance criterion that defines the importance of a point in terms of its impact on the probability of achieving the final outcome.
  • A philosophical foundation of non-additive measure and probability
    Item type: Journal Article
    Maaß, Sebastian (2006)
    Theory and Decision
  • Gender, Financial Risk and Probability Weights
    Item type: Journal Article
    Fehr-Duda, Helga; De Gennaro, Manuele; Schubert, Renate (2006)
    Theory and Decision
Publications 1 - 6 of 6