Essays On Individual Decision Making Under Uncertainty
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Essays On Individual Decision Making Under Uncertainty
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Author : Elise Le Nestour
language : en
Publisher:
Release Date : 2009
Essays On Individual Decision Making Under Uncertainty written by Elise Le Nestour and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2009 with categories.
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.
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.
Advances In Decision Making Under Risk And Uncertainty
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Author : Mohammed Abdellaoui
language : en
Publisher: Springer
Release Date : 2010-11-25
Advances In Decision Making Under Risk And Uncertainty written by Mohammed Abdellaoui and has been published by Springer this book supported file pdf, txt, epub, kindle and other format this book has been release on 2010-11-25 with Business & Economics categories.
Whether we like it or not we all feel that the world is uncertain. From choosing a new technology to selecting a job, we rarely know in advance what outcome will result from our decisions. Unfortunately, the standard theory of choice under uncertainty developed in the early forties and fifties turns out to be too rigid to take many tricky issues of choice under uncertainty into account. The good news is that we have now moved away from the early descriptively inadequate modeling of behavior. This book brings the reader into contact with the accomplished progress in individual decision making through the most recent contributions to uncertainty modeling and behavioral decision making. It also introduces the reader into the many subtle issues to be resolved for rational choice under uncertainty.
Essays On Individual Decision Making Under Risk And Uncertainty
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Author : Yudistira Permana
language : en
Publisher:
Release Date : 2019
Essays On Individual Decision Making Under Risk And Uncertainty written by Yudistira Permana and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2019 with categories.
The Collected Papers Of Leonid Hurwicz
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Author : Samiran Banerjee
language : en
Publisher: Oxford University Press
Release Date : 2022
The Collected Papers Of Leonid Hurwicz written by Samiran Banerjee and has been published by Oxford University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2022 with Business & Economics categories.
Introduces non-specialist readers to the life and work of Leonid Hurwicz, a major contributor to modern theoretical economics, Includes papers covering talks Hurwicz gave over the last 4 decades of his life, providing a detailed and nuanced understanding of economic systems and the informational and incentive issues in designing mechanisms, Contains reviews and essays on decision theory and game theory for lay readers, Brings together reminiscences from co-authors and colleagues offering insights into Hurwicz as a person and scholar Book jacket.
Essays In Dynamic General Equilibrium Theory
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Author : Alessandro Citanna
language : en
Publisher: Springer Science & Business Media
Release Date : 2006-01-11
Essays In Dynamic General Equilibrium Theory written by Alessandro Citanna and has been published by Springer Science & Business Media this book supported file pdf, txt, epub, kindle and other format this book has been release on 2006-01-11 with Business & Economics categories.
In the area of dynamic economics, David Cass’s work has spawned a number of important lines of research, including the study of dynamic general equilibrium theory, the concept of sunspot equilibria, and general equilibrium theory when markets are incomplete. Based on these contributions, this volume contains new developments in the field, written by Cass's students and co-authors.
Collected Papers
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Author : Robert J. Aumann
language : en
Publisher: MIT Press
Release Date : 2000
Collected Papers written by Robert J. Aumann and has been published by MIT Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2000 with Business & Economics categories.
Robert Aumann's career in game theory has spanned over research - from his doctoral dissertation in 1956 to papers as recent as January 1995. Threaded through all of Aumann's work (symbolized in his thesis on knots) is the study of relationships between different ideas, between different phenomena, and between ideas and phenomena. When you look closely at one scientific idea, writes Aumann, you find it hitched to all others. It is these hitches that I have tried to study.
Essays On Philosophy Politics Economics
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Author : Christi Favor
language : en
Publisher: Stanford University Press
Release Date : 2010-05-17
Essays On Philosophy Politics Economics written by Christi Favor and has been published by Stanford University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2010-05-17 with Philosophy categories.
Essays on Philosophy, Politics, & Economics offers a critical examination of economic, philosophical, and political notions, with an eye towards working across all three, so that students and scholars from can expand their perspectives as they approach the necessarily complex research questions of today and tomorrow.
Seven Essays On The Genealogy Of Uncertainty
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Author : Stephen Nash
language : en
Publisher: Ethics International Press
Release Date : 2024-09-30
Seven Essays On The Genealogy Of Uncertainty written by Stephen Nash and has been published by Ethics International Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2024-09-30 with Business & Economics categories.
Uncertainty is critical to economic theory, mainly because it either supports, or undermines, many significant debates within economic theory. Despite the significance of uncertainty, this book represents the first attempt to comprehensively trace the genealogy of uncertainty, which is a procedure that Nietzsche used in relation to morality; one of the subjects that become logically redundant in the absence of uncertainty. On the one hand, this logical redundancy is problematic when considered in isolation, given the practical importance of morality. On the other hand, this logical redundancy becomes even more problematic, given that, at one time, uncertainty was widely accepted as an important part of the philosophical system. Here uncertainty played a pivotal role, in terms of explaining practical decision-making. Such an appreciation of uncertainty has recently been set aside by modern philosophy, which argues quantities of human labour provide virtually all economic value. Such an explanation of economic value excludes uncertainty, the many qualitative contributions of nature, and morality, even when one acknowledged the contribution to the understanding of uncertainty, as proposed by Frank Knight, in 1921. However, in contrast to Knight, who looked toward recent philosophy so as to support the existence of uncertainty, this genealogy looks to support the significance of uncertainty by understanding the philosophy that supported the idea of uncertainty for thousands of years, before the philosophy of John Locke. Specifically, Locke excludes uncertainty from the analysis of practical decision-making in general, and from economic decision-making in particular. Accordingly, it can be anticipated that the enclosed genealogy will assist economists to more adequately develop the idea of uncertainty within economic theory.