ESSAYS ON DYNAMIC DECISION MAKING UNDER AMBIGUITY

Abstract

The first chapter presents an extended survey of the literature on dynamic decision making under ambiguity, focusing both on the theoretical modelling and the available empirical findings. The second chapter, experimentally investigates individual choice under ambiguity in a dynamic setting. Assuming that people have non-Expected Utility preferences, the study is aiming to understand how people update their prior beliefs in a sequential problem. Three different types of decision makers are identified: resolute, naive and sophisticated. In the third chapter, three alternative ways to model stochastic decision making when the choice variable is continuous are presented. These specifications are then tested with data collected from a tailor-made economic experiment.

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