Score contribution per author:
α: calibrated so average coauthorship-adjusted count equals average raw count
This paper proposes a theory-based model of decision-making under uncertainty the main premise of which is that predictions of the outcomes of acts are derived from theories. Realized act-outcome pairs provide information on the basis of which decision makers update their beliefs regarding the validity of the underlying theories. Consequently, acts are, simultaneously, information–generating initiatives, or experiments, that have material consequences. Experiments, that is, information–generating initiatives of no direct material consequences, are characterized and the value of information they generate defined. An incentive-compatible mechanism is introduced by which the beliefs decision-makers holds regarding the validity of the theories are elicited.