Objective
Summary of the project:
The project investigates applications of a recent approach to decision making under uncertainty. The main idea is that individuals' preferences do not satisfy the completeness axiom. Then, individuals use a set of probability distributions instead of a single probability to compute expected utilities. The size of this set, how many distributions each individual considers, reflects different degrees of confidence in understanding the environment. This framework is important for two reasons. One can ask whether some conclusions of existing models are robust when economic agents lack confidence in beliefs. Second, a novel and realistic description of heterogeneity across individuals is possible. There is no a priori reason to assume lack of confidence is identical across individuals; some agents may have revious experience of a particular situation while others do not. This experience is reflected by higher confidence in beliefs Other agents may not have this experience to help them evaluate uncertain situations. The objective of the research is to provide a rigorous answer to the following questions. What motivates an entrepreneur's decision to invest in a particular project? What does this decision imply for economic fluctuations? How doe the monetary authority affect the understanding the public has of the economy?
Fields of science (EuroSciVoc)
CORDIS classifies projects with EuroSciVoc, a multilingual taxonomy of fields of science, through a semi-automatic process based on NLP techniques. See: The European Science Vocabulary.
CORDIS classifies projects with EuroSciVoc, a multilingual taxonomy of fields of science, through a semi-automatic process based on NLP techniques. See: The European Science Vocabulary.
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Programme(s)
Multi-annual funding programmes that define the EU’s priorities for research and innovation.
Multi-annual funding programmes that define the EU’s priorities for research and innovation.
Topic(s)
Calls for proposals are divided into topics. A topic defines a specific subject or area for which applicants can submit proposals. The description of a topic comprises its specific scope and the expected impact of the funded project.
Calls for proposals are divided into topics. A topic defines a specific subject or area for which applicants can submit proposals. The description of a topic comprises its specific scope and the expected impact of the funded project.
Call for proposal
Procedure for inviting applicants to submit project proposals, with the aim of receiving EU funding.
Data not available
Procedure for inviting applicants to submit project proposals, with the aim of receiving EU funding.
Funding Scheme
Funding scheme (or “Type of Action”) inside a programme with common features. It specifies: the scope of what is funded; the reimbursement rate; specific evaluation criteria to qualify for funding; and the use of simplified forms of costs like lump sums.
Funding scheme (or “Type of Action”) inside a programme with common features. It specifies: the scope of what is funded; the reimbursement rate; specific evaluation criteria to qualify for funding; and the use of simplified forms of costs like lump sums.
Coordinator
5037 AB TILBURG
Netherlands
The total costs incurred by this organisation to participate in the project, including direct and indirect costs. This amount is a subset of the overall project budget.