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in which FDI is the dominant strategy under risk neutrality, less than full FDI adoption is obtained. We also find an …
Persistent link: https://www.econbiz.de/10010662641
This paper provides a characterization of the consequences of the assumption that a decision maker with a given utility function is Choquet rational: She maximizes expected utility, but possibly with respect to non-additive beliefs, so that her preferences are represented by Choquet expected...
Persistent link: https://www.econbiz.de/10005478939
of subjective expected utility when the risk attitude of the decision maker is not known. We close with an application of …
Persistent link: https://www.econbiz.de/10005008535
In perfectly competitive economies under uncertainty, there is a well-known equivalence between a formulation with contingent goods and a formulation with state-specific securities followed by spot markets for goods. In this paper, I examine whether this equivalence carries over in a particular...
Persistent link: https://www.econbiz.de/10005779547
Persistent link: https://www.econbiz.de/10008550180
agents are farsighted, related stability concepts have been proposed. We design a simple network formation experiment to test …
Persistent link: https://www.econbiz.de/10009002080
experiment to test these extreme theories, but find evidence against both of them: the subjects are consistent with an …
Persistent link: https://www.econbiz.de/10010695722
This paper studies the normative problem of redistribution between agents who can influence their survival probability through private health spending, but who differ in their attitude towards the risks involved in the lotteries of life to be chosen. For that purpose, we develop a two-period...
Persistent link: https://www.econbiz.de/10005043161
When "n" individuals satisfy the axioms of subjective expected utility (SEU) theory and these individuals …)-preference which is both Paretian and in agreement with SEU theory. The paper restates this paradox in the framework of Anscombe …
Persistent link: https://www.econbiz.de/10005669231
risk-aves agents. In this framework, deposits are needed to provide insurance against investors'unexpected demand for …
Persistent link: https://www.econbiz.de/10005669260