Fast and slow dynamic decision making under ambiguity

• Published in: Journal of risk and uncertainty Vol. 70; no. 2; pp. 89 - 104
• Main Authors: Caferra, Rocco, Hey, John, Morone, Andrea
• Format: Journal Article
• Language: English
• Published: New York Springer US 01.04.2025; Springer Nature B.V
• Subjects: Ambiguity; Decision makers; Decision making; Economic Theory/Quantitative Economics/Mathematical Methods; Economics; Economics and Finance; Environmental Economics; Expected utility; Incentives; Induction; Microeconomics; Monetary incentives; Neutrality; Operations Research/Decision Theory; Uncertainty; C24; Myopic; C23; Ambiguity box; Risk; Resolute; Dynamic inconsistency; Sequential choice; Choice under uncertainty; Expected Utility; Dual-decision process; C91; D81; Sophisticated; Decision time; Probability gap; Ambiguity

Different people think in different ways, and their behaviour can be analysed in different ways. In this paper, we analyse the correlation between the type of behaviour and the time taken to reach a decision in a dynamic context and under ambiguity with different monetary incentives, linking the res...