ERIM homePeople

P.P. (Peter) Wakker

Full Professor

Peter Wakker
Slide 1 Slide 2 Slide 3 Slide 4 Slide 5

Professor in decision under uncertainty

ERIM Membership:
Member ERIM, affiliated since 2008

Personal website.

Peter Wakker is a professor of decisions under uncertainty at the Department of Econometrics of the Erasmus School of Economics (ESE). He works in behavioral economics, primarily on the differences between normative and descriptive decisions, and on decisions under risk and uncertainty.

Wakker has published in leading journals in economics, business, medicine, psychology, statistics, and mathematics. He was nominated the best-publishing Dutch economist in the years 1994, 1998, 2003, and 2007, and was ranked 90th in the world in the ISI's most cited scientists in economics and business in 2003. He received a Medical Decision Making Career Achievement Award in 2007.

Wakker regularly gives advices on insurance in the media.

Wakker is director, jointly with Professor Han Bleichrodt, of the research group Behavioral Economics.

Publications (142)
  • Books (2)
    • Wakker, P.P. (2010). Prospect Theory: For Risk and Ambiguity. Cambridge, UK: Cambridge University Press.
    • Wakker, P.P. (1989). Additive Representations of Preferences, A New Foundation of Decision Analysis. Dordrecht: Kluwer Academic Publishers.
  • Book contributions (5)
    • Peters, H.J.M. & Wakker, P.P. (2010). Independence of Irrelevant Alternatives and Revealed Group Preferences (Extended abstract). In T. Ichiishi & A. Neyman (Eds.), Game Theory and Applications (pp. 404-406). New York: Academic Press.
    • Wakker, P.P. (2008). Uncertainty. In L. Blume & S.N. Durlauf (Eds.), The New Palgrave: A Dictionary of Economics (8) (pp. 428-439). Basingstoke: Palgrave MacMillan.
    • Wakker, P.P. (2004). Preference Axiomatizations for Decision under Uncertainty. In I. Gilboa (Ed.), Uncertainty in Economic Theory: Essays in Honor of David Schmeidler's 65 birthday (pp. 20-35). London: Routledge.
    • Schmeidler, D. & Wakker, P.P. (1987). Expected Utility and Mathematical Expectation. In J. Eatwell, M. Murray & P. Newman (Eds.), The New Palgrave: A Dictionary of Economics (pp. 229-232). London: The MacMillan Press.
    • Wakker, P.P. (1987). From Decision Making under Uncertainty to Game Theory. In H.J.M. Peters & K.J. Vrieze (Eds.), Surveys of Game Theory and Related Topics (pp. 163-180). Amsterdam: Centre for Mathematics and Computer Science.
Recognitions (5)
  • Editorial position (4)
    Journal Journal of Risk and Uncertainty
    Role Editor
    Start date 01-01-1992

    Journal Management Science
    Role Co-Editor
    Start date 01-01-2009
    Additional information Peter Wakker is department editor

    Journal Theory and Decision
    Role Associate Editor

    Journal Journal of Mathematical Psychology
    Role Editor
    Start date 01-01-2005
    End date 31-12-2010

  • ERIM Awards (1)
    Name ERIM Book Award
    Year 2011

Doctoral courses (2)
2013/2014 Behavioural Decision Theory
Code: BERM.AMC.004
Course level: Advanced Methodology

2012/2013 Behavioural Decision Theory
Code: BERM.AMC.004
Course level: Advanced Methodology

Events (2)
Jun 25, 2014 SIKS Master class/workshop: Modelling Uncertainty: Theory and Applications
  ERIM Research Workshop | Logistics

May 14, 2014 Choice Paradoxes and Behavioural Economics to Better Describe and Prescribe Choices
  ERIM Research Seminar | Information Management

Visiting address
Office: H11-21
Burgemeester Oudlaan 50
3062 PA, Rotterdam
Postal address
Postbus 1738
3000 DR, Rotterdam

Latest publication

Sales, C., Wakker, P.P., Alves, P.C.G. & Faísca, L. (2014). MF Calculator: A Web-based Application for Analyzing Similarity. Journal of Statistical Software, in press.

Latest book

Prospect Theory: For Risk and Ambiguity

Peter Wakker's Prospect Theory: For Risk and Ambiguity provides the first comprehensive and accessible textbook treatment…

Latest news

ERIM Awards Ceremony 2011: and the awards go to…

At the tenth annual ERIM Awards Ceremony, ERIM honoured its best researchers of the joint graduate school of the Rotterdam School of Management, Erasmus University (RSM) and the Erasmus School of Economics…


Behavioural Decision Theory

Course details and application