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Theory and Decision

An International Journal for Multidisciplinary Advances in Decision Science

Theory and Decision OnlineFirst articles

18-06-2019 Open Access

An experimental investigation of the ‘tenuous trade-off’ between risk and incentives in organizations

We investigate experimentally the relationship between risk and incentives in a principal–agent setting. In contrast to the existing empirical literature that describes such relationship as ‘tenuous’ or inconclusive, we find a clear negative …

07-06-2019 Open Access

A test of risk vulnerability in the wider population

Panel data from the German SOEP is used to test for risk vulnerability (RV) in the wider population. Two different survey responses are analysed: the response to the question about willingness-to-take risk in general and the chosen investment in a …


Strategic communication with reporting costs

A decision maker relies on information of parties affected by her decision. These parties try to influence her decision by selective disclosure of facts. As is well known from the literature, competition between the informed parties constrains …

18-05-2019 Open Access

Elicitation and modelling of imprecise utility of health states

Utilities of health states are often estimated to support public decisions in health care. People’s preferences may be imprecise, for lack of actual trade-off experience. We show how to elicit the utilities accounting for imprecision (using fuzzy …

10-05-2019 Open Access

States of nature and states of mind: a generalized theory of decision-making

Canonical economic agents act so as to maximize a single, representative, utility function. However, there is accumulating evidence that heterogeneity in thought processes may be an important determinant of individual behavior. This paper …

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About this journal

Theory and Decision is devoted to all aspects of decision-making, exploring research in psychology, management science, economics, the theory of games, statistics, operations research, artificial intelligence, cognitive science, and analytical philosophy. Moreover, it addresses cross-fertilization among these disciplines.

This journal draws special attention to experimentation in decision-making and its links to the cognitive sciences. It also addresses applications to various problems in management and organizational science, economics and finance, and computer-supported decision schemes.

Particular topics addressed include preference and belief modeling, experimental decision-making under risk or uncertainty, decision analysis, multi-criteria decision modeling, game theory, negotiation theory, collective decision making, social choice, rationality, cognitive processes and interactive decision-making, and methodology of the decision sciences.

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Theory Decis

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