This paper investigates the impact of uncertainty on an irreversible investment decisions in the laboratory. Subjects own the option to seize a claim on the future sum of realizations from an (ambiguous) random walk. I contrast model predicitions of the Subjective Expected Utility model (SEU,...

This paper is an attempt to introduce a different perspective on the relationship between knowledge and territorial development. Today, knowledge can be seen as essentially mobile and regions will prosper to the extend that they can anchor it and develop it further locally. Knowledge is then...

We study an individual who faces a dynamic decision problem in which the process of information arrival is unobserved by the analyst. We derive two utility representations of preferences over menus of acts that capture the individual’s uncertainty about his future beliefs. The most general...

Over the last few decades, territorial approaches have generally tried to explain how regions have specialised their production systems around specific path dependencies and technological innovation; how their specialisation enabled them to compete locally in the global market. Some...

This paper addresses the issue of updating a research agenda about territorial innovation models (TIMs) such as innovative milieus, industrial districts, regional innovation systems, etc. The theoretical shift from innovation studies to the knowledge economy is taken into account by the...

Findings about the desire for health-risk information are heterogeneous and sometimes contradictory. In particular, they seem to be at variance with established psychological theories of information-seeking behavior.

We study an individual who faces a dynamic decision problem in which the process of information arrival is unobserved by the analyst, and hence should be identified from observed choice data. An information structure is objectively describable if signals correspond to events of the objective...

We define a behavioral concept of relevance in the context of decision making under uncertainty.  We argue that this concept provides a sensible answer to the question "What probabilistic environments do an individuals' preferences reveal as mattering to her decisions?" under a symmetry...

This paper offers a simple but powerful model of wishful thinking, cognitive dissonance, and related biases. Choices maximize subjective expected utility, but beliefs depend on the decision maker's interests as well as on relevant information. Simplifying assumptions yield a representation in...