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theory such as the fourfold pattern of risk attitudes, the discrepancy between certainty equivalent and probability …
Persistent link: https://www.econbiz.de/10005627956
Economic research offers two traditional ways of analyzing decision making under risk. One option is to compare the …
Persistent link: https://www.econbiz.de/10005628002
An important source of conflict surrounding nuclear energy is that with a very small probability, a large-scale nuclear accident may occur. One way to internalize the financial risks associated with such an accident is through mandatory liability insurance. This paper presents estimates of the...
Persistent link: https://www.econbiz.de/10005756630
The results of a new experimental study reveal highly systematic violations of expected utility theory. The pattern of these violations is exactly the opposite of the classical common ratio effect discovered by Allais (1953). Two recent decision theories— stochastic expected utility theory...
Persistent link: https://www.econbiz.de/10008625739