JEL code: D81

Criteria for Decision-Making under Risk and Uncertainty

Characteristics of the South African retirement fund industry
Working Paper 880 Using administrative data, we examine three chara...
Working Paper
Random Expected Utility Theory with a Continuum of Prizes
This note generalizes Gul and Pesendorfer’s random expected utility...
Working Paper
Risk Preferences and the Poverty Trap: A Look at Technology Uptake amongst Smallholder ...
A number of studies suggest the risk preference of low income indiv...
Working Paper
Information Contagion and Systemic Risk
We examine the effect of ex-post information contagion on the ex-an...
Working Paper
Global commodities and African stocks: insights for hedging and diversification strategies
Owing to frequent fluctuations in global markets, diversifying acro...
Policy Brief
Bayesian learning with multiple priors and non-vanishing ambiguity
The existing models of Bayesian learning with multiple priors by Ma...
Working Paper
Who's Afraid of the Big Bad Wolf? Risk Aversion and Gender Discrimination in Assessment
This study exploits a natural experiment to evaluate the gender bia...
Working Paper
The impact of statistical learning on violations of the sure-thing principle
This paper experimentally tests whether violations of Savage’...
Working Paper
A decision-theoretic model of asset-price underreaction and overreaction to dividend news
We combine new developments in decision theory with a standard cons...
Working Paper
Do Bayesians learn their way out of ambiguity?
In standard models of Bayesian learning agents reduce their uncerta...
Working Paper
Risk Aversion: Experimental Evidence from South African Fishing Communities
We estimate the risk attitudes of a large sample of small-scale fis...
Working Paper
Indecisiveness aversion and preference for commitment
We present an axiomatic model of preferences over menus that is mot...
Working Paper
Revisiting independence and stochastic dominance for compound lotteries
We establish mathematical equivalence between independence of irrel...
Working Paper
Returns to Schooling: Skills Accumulation or Information Revelation?
This paper explores the degree to which imperfect information in th...
Working Paper
Half empty, half full and why we can agree to disagree forever
Aumann (1976) derives his famous we cannot agree to disagree result...
Working Paper
Security and Potential Level Preferences with Thresholds
The security level models of Gilboa (1988) and of Jaffray (1988) as...
Working Paper
Flexibility of choice versus reduction of ambiguity
This paper explores the problem of a social planner willing to impr...
Working Paper
Deriving a theoretically defensible measure of risk
According to economic theory, risk is a central consideration in fi...
Policy Brief