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This is a Literature Review study.

Models in Decision‐Making Under Risk and Uncertainty

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Systematic comparison of decision-making models highlights the importance of context in economic research.

Integrating behavioral axioms with machine learning enhances decision-making under uncertainty.
Classical models serve as normative benchmarks, showing limitations in real-world applications.
Assessment focuses on predictive accuracy and ecological validity to guide model selection.
Research must prioritize context sensitivity to address the complexities of evolving uncertainty landscapes.

Martin Höppner (2025) studied this question.

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