Models And Experiments In Risk And Rationality
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Models And Experiments In Risk And Rationality
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Author : Bertrand Munier
language : en
Publisher: Springer Science & Business Media
Release Date : 2013-03-14
Models And Experiments In Risk And Rationality written by Bertrand Munier 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 2013-03-14 with Business & Economics categories.
Models and Experiments in Risk and Rationality presents original contributions to the areas of individual choice, experimental economics, operations and analysis, multiple criteria decision making, market uncertainty, game theory and social choice. The papers, which were presented at the FUR VI conference, are arranged to appear in order of increasing complexity of the decision environment or social context in which they situate themselves. The first section `Psychological Aspects of Risk-Bearing', considers choice at the purely individual level and for the most part, free of any specific economic or social context. The second section examines individual choice within the classical expected utility approach while the third section works from a perspective that includes non-expected utility preferences over lotteries. Section four, `Multiple Criteria Decision-Making Under Uncertainty', considers the more specialized but crucial context of uncertain choice involving tradeoffs between competing criteria -- a field which is becoming of increasing importance in applied decision analysis. The final two sections examine uncertain choice in social or group contexts.
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.
Expectations Rationality And Economic Performance
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Author : Tobias F. Rötheli
language : en
Publisher: Edward Elgar Publishing
Release Date : 2007
Expectations Rationality And Economic Performance written by Tobias F. Rötheli 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 2007 with Business & Economics categories.
'To a significant extent, the book is at the cutting edge of much economic thinking in microeconomics. . . it brings together nicely material on uncertainty, expectations and cognitive limitations and relates this to recent work in experimental economics.' - Geoffrey M. Hodgson, University of Hertfordshire, UK 'For more than 200 years, economists have debated the microfoundations of their science. There is only one way forward and that is to carefully examine the nature and the rationality of decision processes. Professor Rötheli's book is unique. He offers an idiosyncratic blend of theoretical analysis and experimental research that enlightens and provokes.' - Werner F.M. De Bondt, DePaul University, US This book offers a broad perspective on the economics of expectations. Experimental studies are used to analyse how human bounded rationality affects economic performance. The challenges posed for policy making are also addressed. Tobias Rötheli begins by presenting the basic tools and theoretical models necessary to our understanding of rational and boundedly rational expectations and their role in economic life. Key topics discussed include expectations in general equilibrium theory, probabilities and expected utility, heterogeneity of economic agents, behavioural alternatives to forecasting and the effects of expectations heuristics, particularly in financial markets. The author then goes on to explore the fascinating insights behavioural economics - the empirical analysis of economic decision making - has to offer. Here experimental studies illustrate the effects of costly information, the role of pattern recognition as basis of expectations, anticipation and coordination failures, and the role of expectations in determining the general price level. The book also addresses the implications of the experimental findings for applied economics. Aiming to achieve the accessibility of a textbook, this research monograph will appeal to economic researchers interested in economic behaviour and theory, as well as students taking upper-level undergraduate and graduate courses. It will also be of interest to economists working in business and government.
Models Of Risk Preferences
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Author : Glenn W. Harrison
language : en
Publisher: Emerald Group Publishing
Release Date : 2023-10-23
Models Of Risk Preferences written by Glenn W. Harrison and has been published by Emerald Group Publishing this book supported file pdf, txt, epub, kindle and other format this book has been release on 2023-10-23 with Business & Economics categories.
Models of Risk Preferences collects studies that critically review alternatives to Expected Utility Theory from the perspective of experimental economics.
Insurance Economics
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Author : Peter Zweifel
language : en
Publisher: Springer Nature
Release Date : 2021-10-05
Insurance Economics written by Peter Zweifel and has been published by Springer Nature this book supported file pdf, txt, epub, kindle and other format this book has been release on 2021-10-05 with Business & Economics categories.
Insurance Economics brings together the economic analysis of decision making under risk, risk management and demand for insurance among individuals and corporations, objectives pursued and management tools used by insurance companies, the regulation of insurance, and the division of labor between private and social insurance. Appropriate both for advanced undergraduate and graduate students of economics, management, and finance, this text provides the background required to understand current research. Predictions derived from theoretical arguments are not merely stated, but also related to empirical evidence. Throughout the book, conclusions summarize key results, helping readers to check their knowledge and comprehension. Issues discussed include paradoxes in decision making under risk and attempts at their resolution, moral hazard and adverse selection including the possibility of a “death spiral”, and future challenges to both private and social insurance such as globalization and the availability of genetic information. This second edition has been extensively revised. Most importantly, substantial content has been added to represent the evolution of risk-related research. A new chapter, Insurance Demand II: Nontraditional Approaches, provides a timely addition in view of recent developments in risk theory and insurance. Previous discussions of Enterprise Risk Management, long-term care insurance, adverse selection, and moral hazard have all been updated. In an effort to expand the global reach of the text, evidence and research from the U.S. and China have also been added.
The Foundations Of Behavioral Economic Analysis
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Author : Sanjit S. Dhami
language : en
Publisher: Oxford University Press
Release Date : 2016
The Foundations Of Behavioral Economic Analysis written by Sanjit S. Dhami 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 2016 with Economics categories.
It considers the evidence against the exponential discounted utility model and describes several behavioral models such as hyperbolic discounting, attribute based models and the reference time theory. Part IV describes the evidence on classical game theory and considers several models of behavioral game theory, including level-k and cognitive hierarchy models, quantal response equilibrium, and psychological game theory. Part V considers behavioral models of learning that include evolutionary game theory, classical models of learning, experience weighted attraction model, learning direction theory, and stochastic social dynamics. Part VI studies the role of emotions; among other topics it considers projection bias, temptation preferences, happiness economics, and interaction between emotions and cognition. Part VII considers bounded rationality. The three main topics considered are judgment heuristics and biases, mental accounting, and behavioral finance.
Risk Aversion In Experiments
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Author : G.W. Harrison
language : en
Publisher: Emerald Group Publishing
Release Date : 2008-02-29
Risk Aversion In Experiments written by G.W. Harrison and has been published by Emerald Group Publishing this book supported file pdf, txt, epub, kindle and other format this book has been release on 2008-02-29 with Business & Economics categories.
Presents research utilizing laboratory experimental methods in economics.
Uncertain Decisions
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Author : Luigi Luini
language : en
Publisher: Springer Science & Business Media
Release Date : 2012-12-06
Uncertain Decisions written by Luigi Luini 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 Business & Economics categories.
Uncertain Decisions: Bridging Theory and Experiments presents advanced directions of thinking on decision theory - in particular the more recent contributions on non-expected utility theory, fuzzy decision theory and case-based theory. This work also provides theoretical insights on measures of risk aversion and on new problems for general equilibrium analysis. It analyzes how the thinking that underlies the theories described above spills over into real decisions, and how the thinking that underlies these real decisions can explain the discrepancies between theoretical approaches and actual behavior. This work elaborates on how the most recent laboratory experiments have become an important source both for evaluating the leading theory of choice and decision, and for contributing to the formation of new models regarding the subject.
Decision Making Under Risk And Uncertainty
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Author : J. Geweke
language : en
Publisher: Springer Science & Business Media
Release Date : 2012-12-06
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 2012-12-06 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).
Risk And Rationality
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Author : Lara Buchak
language : en
Publisher: Oxford University Press
Release Date : 2013-11
Risk And Rationality written by Lara Buchak 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 2013-11 with Mathematics categories.
Lara Buchak sets out a new account of rational decision-making in the face of risk. She argues that the orthodox view (expected utility theory) is too narrow, and suggests an alternative, more permissive theory: one that allows individuals to pay attention to the worst-case or best-case scenario, and vindicates the ordinary decision-maker.