Dynamic Decision Making under Uncertainty: An Experimental Study of the Dynamic Competitive Firm

John Hey

Oxford Economic Papers, 1993, vol. 45, issue 1, 58-82

Abstract: This paper reports on an experimental investigation into how well human subjects are able to tackle a reasonably complicated dynamic decision problem under risk. Subjects performed the experiment twice (a few days apart). It was found that subjects performed better (though not perfectly) on the second repetition and that the improvement was selective: subjects clearly found some aspects of the dynamic solution easier to approach than other. The experiment confirms that some subjects are better decisionmakers than others and that different parts of the problem are easier than others. It also suggests how actual behavior might be modeled. Copyright 1993 by Royal Economic Society.

Date: 1993
References: Add references at CitEc
Citations: View citations in EconPapers (3)

Downloads: (external link)
http://links.jstor.org/sici?sici=0030-7653%2819930 ... 0.CO%3B2-1&origin=bc full text (application/pdf)
Access to full text is restricted to JSTOR subscribers. See http://www.jstor.org for details.

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:oup:oxecpp:v:45:y:1993:i:1:p:58-82

Ordering information: This journal article can be ordered from
https://academic.oup.com/journals

Access Statistics for this article

Oxford Economic Papers is currently edited by James Forder and Francis J. Teal

More articles in Oxford Economic Papers from Oxford University Press Oxford University Press, Great Clarendon Street, Oxford OX2 6DP, UK.
Bibliographic data for series maintained by Oxford University Press ().