CORDIS Project
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This project investigates how uncertainty affects decision-making in economics, focusing on behavioral biases and their connections. It aims to develop a comprehensive theory to improve understanding of decision-making under uncertainty, particularly in macroeconomics and finance.
Everyday actions involve an amount of uncertainty in the final outcome they will deliver.
Following Knight's view, some of this uncertainty is “measurable” (Risk) while some of it is “not measurable” (Ambiguity).
In Economics, understanding agents’ behavior under uncertainty is of fundamental importance.
For many years, and in both contexts, the standard model of decision making has been the Expected Utility model.
Since the famous thought experiments of Allais and Ellsberg, many alternative app…
UNIVERSITA COMMERCIALE LUIGI BOCCONI
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