Search and Choice under Uncertainty
نویسندگان
چکیده
This thesis presents and analyzes the result of experiments including small decision problems. In the experiments, subjects are asked to choose one of two alternatives for a few thousand times. Two experiments are conducted. First experiment, where payoff structure is clearly told, is carried out in order to explore choice under uncertainty by examining whether expected utility theory holds or not. Second experiment, where subjects have no prior information as to payoff structure, is performed in order to explore search under uncertainty by investigating whether the ambiguity theory holds or not. The results capture expected utility theory by setting extremely concave utility functions, while the ambiguity theory is supported.
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