Frequent Uncertainties

How do humans respond to frequent uncertainties?

Project title

Efficiency of human decision making in environments with frequent uncertainties (HREC 2056623.1)


This project aims to examine how people make choices in an environment with frequent uncertainties. In particular, we want to understand the underlying mechanisms that people use in estimating the value of each choice in order to make decisions. We want to develop efficient artificial intelligence algorithms that utilise human efficient estimation in a stochastic environment. We also aim to examine the association between personality traits and choice-making. The project is funded by the University of Melbourne and the Australian Research Training Program (RTP).

This project has been approved by The University of Melbourne’s Human Research Ethics Committee.

What will I be asked to do?

In the experiment, you will be asked to complete an economic decision-making task. The tasks will be clearly explained to you and you will have a chance to practice before the actual experiment. During the actual experiment, the computer program will record your sample values, your subjective estimations, and your subjective choices. Participants need to be aged between 18 and 35 years old.

The estimated time of commitment will be about 2 hours. Participation in this study is completely voluntary and the information collected will remain confidential. You will receive between $20 and $60 for your participation. Part of the payment will depend on your performance in the decision task. You will need to provide us with a PayID before the experiment to be able to receive payment for your participation.

The experiment will be conducted in Testing Room 1 (room G28) at the Experimental Research Facility at 233 Bouverie street, Carlton. Payment will be processed within one week of completing the session.

How will my confidentiality be protected?

This is a de-identified study. We will protect the confidentiality of your responses to the fullest possible extent, within the limits of the law. Only participant codes will be used in the storage of data. The data will be kept securely by the Department of Finance for a minimum of five years from the date of final publication.

How will I receive feedback?

Results of the study will be available from the researchers’ websites, be presented at conferences and be published in peer-reviewed journals.

Will participation prejudice me in any way?

Please be advised that your participation in this study is completely voluntary. Should you wish to withdraw at any stage, or withdraw any unprocessed data you have supplied, you are free to do so without prejudice. If you are a student at the University of Melbourne, your grades will not be affected if you participate, decline to participate or withdraw from this project at any stage.

Where can I get further information?

If you would like to receive more information about the project, please contact the researchers at or 03 9035 9950.

This research project follows the guidelines of the National Health and Medical Research Council Statement on Human Experimentation. It has been approved by the Human Research Ethics Committee of The University of Melbourne. If you have any concerns or complaints about the conduct of this research project, which you do not wish to discuss with the research team, you should contact the Research Integrity Administrator, Office of Research Ethics and Integrity, University of Melbourne, VIC 3010. Tel: +61 3 8344 1376 or Email: All complaints will be treated confidentially. In any correspondence please provide the name of the research team and/or the name or ethics ID number of the research project.

How do I agree to participate?

If you decide to participate and are aged between 18 and 35 years old, please sign up for an experimental session here.

Human ethics approval

This study has been approved by the University of Melbourne Human Research Ethics Committee (project ID: HREC 2056623.1).

Centre for Brain, Mind and Markets
Faculty of Business and Economics 
The University of Melbourne 
Victoria 3010  
Phone: +61 3 9035 9950