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This paper provides a general framework for a unifying treatment of stochastic dominance of any degree and of any type (direct or inverse for each final or intermediary level). It gives the conditions for the congruence between stochastic dominance and classes of utility functions in this...
Persistent link: https://www.econbiz.de/10010821246
under uncertainty and the industrial point of view based on the notion of risk management. This serves as a basis for the … their own customers ask them for personalisation and fast adaptation. It is thus necessary to develop methods and decision … support systems to reconcile the order and book processes. In this context, this paper intends firstly to relate decision …
Persistent link: https://www.econbiz.de/10008793710
it is necessary to develop methods and decision support systems to reconcile the order and book processes. In this … dedicated tool. The evaluation process is based on an exploitation of decision theory and game theory concepts and methods. …
Persistent link: https://www.econbiz.de/10008793785
powers to analyse the risk decision-making process over some years now. …Certain areas related to the topics under discussion here lie outside my field; for instance the evaluation of risk …
Persistent link: https://www.econbiz.de/10008794056
This chapter of a collective book aims at presenting the basics of decision making under risk. We first define notions … of risk and increasing risk and recall definitions and classifications (that are valid independently of any … representation) of behavior under risk. We then review the classical model of expected utility due to von Neumann and Morgenstern …
Persistent link: https://www.econbiz.de/10010738471
After a few centuries of speeding up, the distribution of GNP's growth rates has widely changed all round the world. Growth is slowing down in advanced countries and has accelerated in emerging countries. Moreover growth is questioned as a matter of principle. Considering the vast array of...
Persistent link: https://www.econbiz.de/10010899774
attention. They nonetheless constituted an opportunity to introduce a sophisticated analysis of individual decision under risk …. Through various examples, Smith pointed out a risk-seeking attitude, figured out in the paper in terms of inverse stochastic … overestimate the chance of gain, which leads to favor a rank-dependent utility approach within which optimism toward risk can …
Persistent link: https://www.econbiz.de/10010899316
this theorem to explain the well-known problems of utility and decision theories, such as risk aversion, the underweighting … preferences, choices, decisions, (ir)rational behavior at data uncertainty, noises and experimental errors in experiments … interpretation, probability theory, statistics, management, finance, investment, insurance, etc. …
Persistent link: https://www.econbiz.de/10010899454
This chapiter of a collective book is dedicated to classical decision models under uncertainty, i.e. under situations … where events do not have "objective" probabilities with which the Decision Marker agrees. We present successively the two …
Persistent link: https://www.econbiz.de/10010738544
uncertainties over forecasting hypotheses. A mean to control such uncertainties lies in the introduction of risk in the Costs … under uncertainty mainly developed after Dixit and Pindyck (1994). The second one is more empirical and uses Monte Carlo … possibility of changes in transport policy. This uncertainty should be controlled. It is the role of strategic modeling. …
Persistent link: https://www.econbiz.de/10008792030