Experiments In Decision Making Under Risk
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Experiments In Decision Making Under Risk
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Author : Michał Wiktor Krawczyk
language : en
Publisher: Rozenberg Publishers
Release Date : 2009
Experiments In Decision Making Under Risk written by Michał Wiktor Krawczyk and has been published by Rozenberg Publishers this book supported file pdf, txt, epub, kindle and other format this book has been release on 2009 with categories.
Advances In Decision Making Under Risk And Uncertainty
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Author : Mohammed Abdellaoui
language : en
Publisher: Springer Science & Business Media
Release Date : 2008-08-29
Advances In Decision Making Under Risk And Uncertainty written by Mohammed Abdellaoui 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 2008-08-29 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.
Experiments In Economics
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Author : John Denis Hey
language : en
Publisher: Wiley-Blackwell
Release Date : 1991
Experiments In Economics written by John Denis Hey and has been published by Wiley-Blackwell this book supported file pdf, txt, epub, kindle and other format this book has been release on 1991 with Business & Economics categories.
After a discussion of the methodological issues involved in experimental economics, the author provides accounts of particular experimental investigations covering individual and interactive behaviour and testing game and bargaining theory, decision-making under uncertainty, auctions and markets.
Decision Making Under Risk And Uncertainty
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Author : J. Geweke
language : en
Publisher: Springer Science & Business Media
Release Date : 1992-08-31
Decision Making Under Risk And Uncertainty written by J. Geweke 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 1992-08-31 with Business & Economics categories.
As desired, the infonnation demand correspondence is single valued at equilibrium prices. Hence no planner is needed to assign infonnation allocations to individuals. Proposition 4. For any given infonnation price system p E . P (F *), almost every a E A demands a unique combined infonnation structure (although traders may be indifferent among partial infonnation sales from different information allocations, etc. ). In particular, the aggregate excess demand correspondence for net combined infonnation trades is a continuous function. Proof Uniqueness fails only if an agent can obtain the same expected utility from two or more net combined infonnation allocations. If this happens, appropriate slight perturbations of personal probability vectors destroy the equality unless the utility functions and wealth allocations were independent across states. Yet, when utilities and wealths don't depend on states in S, no infonnation to distinguish the states is desired, so that the demand for such infonnation structures must equal zero. To show the second claim, recall that if the correspondence is single valued for almost every agent, then its integral is also single valued. Finally, note that an upper hemicontinuous (by Proposition 2) correspondence which is single valued everywhere is, in fact, a continuous function. [] REFERENCES Allen, Beth (1986a). "The Demand for (Differentiated) Infonnation"; Review of Economic Studies. 53. (311-323). Allen, Beth (1986b). "General Equilibrium with Infonnation Sales"; Theory and Decision. 21. (1-33). Allen, Beth (1990). "Infonnation as an Economic Commodity"; American Economic Review. 80. (268-273).
Prospect Theory
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Author : Daniel Kahneman
language : en
Publisher:
Release Date : 1979
Prospect Theory written by Daniel Kahneman and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1979 with Utility theory categories.
Experiments On Decisions Under Risk The Expected Utility Hypothesis
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Author : P.J.H. Schoemaker
language : en
Publisher: Springer Science & Business Media
Release Date : 2013-11-11
Experiments On Decisions Under Risk The Expected Utility Hypothesis written by P.J.H. Schoemaker 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 2013-11-11 with Business & Economics categories.
In this valuable book, Paul Schoemaker summarizes recent experimental and field research that he and others have undertaken regarding the descrip tive validity of expected utility theory as a model of choice under uncer tainty. His principal message is that this paradigm is too narrow in its con ception and misses some of the important elements of a descriptive model of individual choice. In particular, Schoemaker calls attention to the impor tance of individual differences, task effects, and context effects as they influence behavior. The expected utility hypothesis has come under scrutiny in recent years from a number of different quarters. This book brings together these many studies and relates them to the large body of literature on individual de cision making under risk. Although this paradigm may be appropriate for describing behavior under many conditions of uncertainty, Schoemaker presents convincing evidence that it does not do well with respect to protec tion against low-probability events. For example, he shows that the insur ance purchase decision is influenced by the way information is presented to the client, as well as by the statistical knowledge of the respondents.
Experiments On Decision Making Under Risk
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Author : Wenting Zhou
language : en
Publisher:
Release Date : 2015
Experiments On Decision Making Under Risk written by Wenting Zhou and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2015 with categories.
Psychological Perspectives On Risk And Risk Analysis
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Author : Martina Raue
language : en
Publisher: Springer
Release Date : 2018-09-18
Psychological Perspectives On Risk And Risk Analysis written by Martina Raue and has been published by Springer this book supported file pdf, txt, epub, kindle and other format this book has been release on 2018-09-18 with Psychology categories.
This authoritative collection goes beyond economic statistics and probability data to offer a robust psychological understanding of risk perception and risk taking behavior. Expert contributors examine various risk domains in life, and pinpoint cognitive, emotional, and personality factors contributing to individual differences in risk taking as well as the many nuances social demographics (e.g., culture, gender) bring to risk decisions. Coverage takes competing theories and studies into account to identify mechanisms involved in processing and acting on uncertainty. And implications and applications are demonstrated in varied fields, from updated risk models for the insurance sector to improved risk communication in health services to considering risk perception in policy decisions. A sampling of the topics: Personality and risk: beyond daredevils—risk taking from a temperament perspective. Cognitive, developmental, and neurobiological aspects of risk judgments. The group effect: social influences on risk identification, analysis, and decision-making. Cognitive architectures as a scaffolding for risky choice models. Improving understanding of health-relevant numerical information. Risk culture as a framework for improving competence in risk management. Psychological Perspectives on Risk and Risk Analysis will be of great interest to researchers in and outside of psychology, including decision-making experts and behavioral economists. Additionally, this volume will appeal to practitioners who often have to make risky decisions, such as managers and physicians.
Affective Decision Making Under Uncertainty
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Author : Donald J. Brown
language : en
Publisher: Springer Nature
Release Date : 2020-12-18
Affective Decision Making Under Uncertainty written by Donald J. Brown and has been published by Springer Nature this book supported file pdf, txt, epub, kindle and other format this book has been release on 2020-12-18 with Business & Economics categories.
This book is an exploration of the ubiquity of ambiguity in decision-making under uncertainty. It presents various essays on behavioral economics and behavioral finance that draw on the theory of Black Swans (Taleb 2010), which argues for a distinction between unprecedented events in our past and unpredictable events in our future. The defining property of Black Swan random events is that they are unpredictable, i.e., highly unlikely random events. In this text, Mandelbrot’s (1972) operational definition of risky random unpredictable events is extended to Black Swan assets – assets for which the cumulative probability distribution or conditional probability distribution of random future asset returns is a power distribution. Ambiguous assets are assets for which the uncertainties of future returns are not risks. Consequently, there are two disjoint classes of Black Swan assets: Risky Black Swan assets and Ambiguous Black Swan assets, a new class of ambiguous assets with unpredictable random future outcomes. The text is divided into two parts, the first of which focuses on affective moods, introduces affective utility functions and discusses the ambiguity of Black Swans. The second part, which shifts the spotlight to affective equilibrium in asset markets, features chapters on affective portfolio analysis and Walrasian and Gorman Polar Form Equilibrium Inequalities. In order to gain the most from the book, readers should have completed the standard introductory graduate courses on microeconomics, behavioral finance, and convex optimization. The book is intended for advanced undergraduates, graduate students and post docs specializing in economic theory, experimental economics, finance, mathematics, computer science or data analysis.
Neurobiology Of Decision Making
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Author : Antonio R. Damasio
language : en
Publisher: Springer Science & Business Media
Release Date : 2012-12-06
Neurobiology Of Decision Making written by Antonio R. Damasio 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 2012-12-06 with Science categories.
Neuroscience has paid only little attention to decision-making for many years. Although no field of science has cohered around this topic, a variety of researchers in different areas of neuroscience ranging from cellular physiology to neuropsychology and computational neuroscience have been engaged in working on this issue. Thus, the time seemed to be ripe to bring these researchers together and discuss the state of the art of the neurobiology of decision-making in a broad forum. This book is a collection of contributions presented at that forum in Paris in October 1994 organized by the Fondation IPSEN.