Essays In The Economics Of Uncertainty
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Essays In The Economics Of Uncertainty
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Author : Jean-Jacques Laffont
language : en
Publisher: Harvard University Press
Release Date : 1980
Essays In The Economics Of Uncertainty written by Jean-Jacques Laffont and has been published by Harvard University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 1980 with Business & Economics categories.
These three elegant essays develop principles central to the understanding of the diverse ways in which imperfect information affects the distribution of resources, incentives, and the evaluation of economic policy. The first concerns the special role that information plays in the allocation process when it is possible to improve accuracy through private investment. The common practice of hiring "experts" whose information is presumably much better than their clients' is analyzed. Issues of cooperative behavior when potential group members possess diverse pieces of information are addressed. Emphasis is placed on the adaptation of the "core" concept from game theory to the resource allocation model with differential information. The second essay deals with the extent to which agents can influence the random events they face. This is known as moral hazard, and in its presence there is a potential inefficiency in the economic system. Two special models are studied: the role of moral hazard in a monetary economy, and the role of an outside adjudicatory agency that has the power to enforce fines and compensation. The final essay discusses the problem of certainty equivalence in economic policy. Conditions under which a full stochastic optimization can be calculated by solving a related, much simpler "certainty equivalence" problem are developed. The reduction in the complexity of calculation involved is very great compared with the potential loss of efficiency.
Essays On Economic Decisions Under Uncertainty
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Author : Jacques Drèze
language : en
Publisher: CUP Archive
Release Date : 1990-05-25
Essays On Economic Decisions Under Uncertainty written by Jacques Drèze and has been published by CUP Archive this book supported file pdf, txt, epub, kindle and other format this book has been release on 1990-05-25 with Business & Economics categories.
Professor Dreze is a highly respected mathematical economist and econometrician. This book brings together some of his major contributions to the economic theory of decision making under uncertainty, and also several essays. These include an important essay on 'Decision theory under moral hazard and state dependent preferences' that significantly extends modern theory, and which provides rigorous foundations for subsequent chapters. Topics covered within the theory include decision theory, market allocation and prices, consumer decisions, theory of the firm, labour contracts, and public decisions.
Markets Information And Uncertainty
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Author : Kenneth Joseph Arrow
language : en
Publisher: Cambridge University Press
Release Date : 1999-01-28
Markets Information And Uncertainty written by Kenneth Joseph Arrow and has been published by Cambridge University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 1999-01-28 with Business & Economics categories.
Leading theorists offer insights on the role of uncertainty and information in the market.
Social And Economic Factors In Decision Making Under Uncertainty
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Author : Kinga Posadzy
language : en
Publisher: Linköping University Electronic Press
Release Date : 2017-11-16
Social And Economic Factors In Decision Making Under Uncertainty written by Kinga Posadzy and has been published by Linköping University Electronic Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2017-11-16 with categories.
The objective of this thesis is to improve the understanding of human behavior that goes beyond monetary rewards. In particular, it investigates social influences in individual’s decision making in situations that involve coordination, competition, and deciding for others. Further, it compares how monetary and social outcomes are perceived. The common theme of all studies is uncertainty. The first four essays study individual decisions that have uncertain consequences, be it due to the actions of others or chance. The last essay, in turn, uses the advances in research on decision making under uncertainty to predict behavior in riskless choices. The first essay, Fairness Versus Efficiency: How Procedural Fairness Concerns Affect Coordination, investigates whether preferences for fair rules undermine the efficiency of coordination mechanisms that put some individuals at a disadvantage. The results from a laboratory experiment show that the existence of coordination mechanisms, such as action recommendations, increases efficiency, even if one party is strongly disadvantaged by the mechanism. Further, it is demonstrated that while individuals’ behavior does not depend on the fairness of the coordination mechanism, their beliefs about people’s behavior do. The second essay, Dishonesty and Competition. Evidence from a stiff competition environment, explores whether and how the possibility to behave dishonestly affects the willingness to compete and who the winner is in a competition between similarly skilled individuals. We do not find differences in competition entry between competitions in which dishonesty is possible and in which it is not. However, we find that due to the heterogeneity in propensity to behave dishonestly, around 20% of winners are not the best-performing individuals. This implies that the efficient allocation of resources cannot be ensured in a stiff competition in which behavior is unmonitored. The third essay, Tracing Risky Decision Making for Oneself and Others: The Role of Intuition and Deliberation, explores how individuals make choices under risk for themselves and on behalf of other people. The findings demonstrate that while there are no differences in preferences for taking risks when deciding for oneself and for others, individuals have greater decision error when choosing for other individuals. The differences in the decision error can be partly attributed to the differences in information processing; individuals employ more deliberative cognitive processing when deciding for themselves than when deciding for others. Conducting more information processing when deciding for others is related to the reduction in decision error. The fourth essay, The Effect of Decision Fatigue on Surgeons’ Clinical Decision Making, investigates how mental depletion, caused by a long session of decision making, affects surgeon’s decision to operate. Exploiting a natural experiment, we find that surgeons are less likely to schedule an operation for patients who have appointment late during the work shift than for patients who have appointment at the beginning of the work shift. Understanding how the quality of medical decisions depends on when the patient is seen is important for achieving both efficiency and fairness in health care, where long shifts are popular. The fifth essay, Preferences for Outcome Editing in Monetary and Social Contexts, compares whether individuals use the same rules for mental representation of monetary outcomes (e.g., purchases, expenses) as for social outcomes (e.g., having nice time with friends). Outcome editing is an operation in mental accounting that determines whether individuals prefer to first combine multiple outcomes before their evaluation (integration) or evaluate each outcome separately (segregation). I find that the majority of individuals express different preferences for outcome editing in the monetary context than in the social context. Further, while the results on the editing of monetary outcomes are consistent with theoretical predictions, no existing model can explain the editing of social outcomes.
Essays On Economic Decisions Under Uncertainty
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Author : Jacques H. Drèze
language : en
Publisher:
Release Date : 1987
Essays On Economic Decisions Under Uncertainty written by Jacques H. Drèze and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1987 with categories.
Time Expectations And Uncertainty In Economics
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Author : George Lennox Sharman Shackle
language : en
Publisher: Edward Elgar Publishing
Release Date : 1990
Time Expectations And Uncertainty In Economics written by George Lennox Sharman Shackle and has been published by Edward Elgar Publishing this book supported file pdf, txt, epub, kindle and other format this book has been release on 1990 with Business & Economics categories.
Time, Expectations and Uncertainty in Economics presents in one volume a selection of those papers which best represent Professor Shackle's important and lasting contribution to economics.
Essays On The Economics Of Uncertainty
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Author : Robert Alexander Sproule
language : en
Publisher:
Release Date : 1985
Essays On The Economics Of Uncertainty written by Robert Alexander Sproule and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1985 with categories.
Essays On Economic Decisions Under Uncertainty
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Author : Jacques H. Dreze
language : en
Publisher:
Release Date : 1987
Essays On Economic Decisions Under Uncertainty written by Jacques H. Dreze and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1987 with categories.
Essays On Economic Behavior Under Uncertainty
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Author : Michael Balch
language : en
Publisher: North-Holland
Release Date : 1974
Essays On Economic Behavior Under Uncertainty written by Michael Balch and has been published by North-Holland this book supported file pdf, txt, epub, kindle and other format this book has been release on 1974 with Business & Economics categories.
Uncertainty And Economic Evolution
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Author : John L. Lott Jr.
language : en
Publisher: Routledge
Release Date : 2005-06-23
Uncertainty And Economic Evolution written by John L. Lott Jr. and has been published by Routledge this book supported file pdf, txt, epub, kindle and other format this book has been release on 2005-06-23 with Business & Economics categories.
The theory of the firm has recently undergone a dramatic transformation, drawing heavily on the pathbreaking work of Armen Alchian. This volume explores his contribution to the debate, including essays by Harold Demetz, Ben Klein, Jerry Jordan and Art Devany.