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The internal consistency of the standard gamble: tests after adjusting for prospect theory

Oliver, Adam - London School of Economics (LSE) - 2003

This article reports a study that tests whether the internal consistency of the standard gamble can be improved upon by incorporating loss weighting and probability transformation parameters in the standard gamble valuation procedure. Five alternatives to the standard EU formulation are...

Persistent link: https://www.econbiz.de/10010928594

Consistent testing for stochastic dominance : a subsampling approach

Linton, Oliver; Maasoumi, Esfandiar; Whang, Yoon-Jae - London School of Economics (LSE) - 2002

We study a very general setting, and propose a procedure for estimating the critical values of the extended Kolmogorov-Smirnov tests of First and Second Order Stochastic Dominance due to McFadden (1989) in the general k-prospect case. We allow for the observations to be generally serially...

Persistent link: https://www.econbiz.de/10010746327

(U,V) ordering and a duality theorem for risk aversion and Lorenz type orderings

Giovagnoli, Alessandra; Wynn, Henry - London School of Economics (LSE) - 2012

theorem is presented in a form which includes the distortions and links the duality to the parallel theories of risk and …

Persistent link: https://www.econbiz.de/10011126292

The broadening spectrum of reputation risk in organizations: banking on risk and trust relationships

Scott, Susan V.; Walsham, Geoff - London School of Economics (LSE) - 2004

Globalizing knowledge economies foster conditions that intensify the role and value of organizational reputation risk … reputation risk. Having noted the ambivalence that surrounds ‘risk positions’, we present a re-definition of reputation risk that … encompasses the dynamics of contemporary risk and trust relationships. We explore the capacity of different trust forms to reduce …

Persistent link: https://www.econbiz.de/10010744830

Perceptions of risk : an experimental approach using internet questionnaires

Cowell, Frank; Cruces, Guillermo - London School of Economics (LSE) - 2003

Building on previous studies on perceptions of inequality, welfare and risk we investigate the structure of individuals …' rankings of uncertain prospects in terms of risk and their relationship to individual preferences. We examine three interlinked … propositions that are fundamental to the standard economic approach to risk: (i) that rankings by risk are simply the reverse of …

Persistent link: https://www.econbiz.de/10010744849

The role of perceived costs and perceived benefits in the relationship between personality and risk-related choices

Soane, Emma; Dewberry, Chris; Narendran, Sunitha - London School of Economics (LSE) - 2010

recreational risk-taking). In addition, perceived costs and benefits mediated the relations between personality and risk-taking in … the five domains (social, ethical, gambling, recreational and investment risk-taking). Evidence for a mechanism that …

Persistent link: https://www.econbiz.de/10010745760

Risk-adjusted poverty in Argentina: measurement and determinants

Cruces, Guillermo; Wodon, Quentin - London School of Economics (LSE) - 2003

Relying on a Constant Relative Risk Aversion utility function, we use panel data for Argentina to compute risk …-adjusted income and poverty measures and to analyze their determinants. Taking risk into account increases poverty. The regression …

Persistent link: https://www.econbiz.de/10010746011

High impact, low probability? An empirical analysis of risk in the economics of climate change

Dietz, Simon - London School of Economics (LSE) - 2009

To what extent does economic analysis of climate change depend on low-probability, high-impact events? This question has received a great deal of attention lately, with the contention increasingly made that climate damage could be so large that societal willingness to pay to avoid extreme...

Persistent link: https://www.econbiz.de/10010746080

Attitudes towards risk and inequality : a questionnaire-experimental approach

Amiel, Yoram; Cowell, Frank - London School of Economics (LSE) - 2000

Orderings of income distribution in terms of inequality should be closely related to orderings in terms of risk. Using …' distributional perceptions. We show that in terms of both inequality and risk individuals consistently reject one of the standard … axioms of distributional comparison. Moreover, there are significant differences in the 'maps' of inequality and risk …

Persistent link: https://www.econbiz.de/10010746203

The development of electronic trading in the futures industry: strategic risk positioning in a globalising age

Scott, Susan V.; Barrett, Michael I. - London School of Economics (LSE) - 2002

financial futures exchanges (1998-200). The term ‘strategic risk positioning’ is used as a central organizing concept to draw … together an analysis of the subjective time-risk relationships influencing strategy formation during this period. We being by … sense of an uncertain future shapes the strategic imagination and triggers processes of risk positioning. In conclusion, the …

Persistent link: https://www.econbiz.de/10010746470