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Probabilistic insurance
Wakker, P.P.; Thaler, R.H.; Tversky, A. - Tilburg University, Center for Economic Research - 1997
Persistent link: https://www.econbiz.de/10011090393
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Optimal Design of Pension Funds : A Mission Impossible
De Waegenaere, Anja; Borm, Peter; Suijs, J.P.M. - Tilburg University, Center for Economic Research - 1998
Nowadays many employers offer their employees the possibility of an insurance against too large losses in income when … atmost for the insurance. Since this is private information for an employee and hence not known to the employer, he needs to …
Persistent link: https://www.econbiz.de/10011090662
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A Model-Free Definition of Increasing Uncertainty
Grant, S.; Quiggin, J. - Tilburg University, Center for Economic Research - 2001
We present a definition of increasing uncertainty, independent of any notion of subjective probabilities, or of any particular model of preferences.Our notion of an elementary increase in the uncertainty of any act corresponds to the addition of an 'elementary bet' which increases consumption by...
Persistent link: https://www.econbiz.de/10011090841
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Risk Aversion, Price Uncertainty and Irreversible Investments
Huisman, Kuno; Kort, Peter; van den Goorbergh, R.W.J. - Tilburg University, Center for Economic Research - 2003
This paper generalizes the theory of irreversible investment under uncertainty by allowing for risk averse investors in … the absence of com-plete markets.Until now this theory has only been developed in the cases of risk neutrality, or risk … price that distinguishes price regions in which it is optimal for a risk averse investor to invest and price regions in …
Persistent link: https://www.econbiz.de/10011091407
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Short-term robustness of production management systems
Kleijnen, Jack P.C.; Gaury, E.G.A. - Tilburg University, Center for Economic Research - 1998
robustness through risk analysis, which uses Latin hypercube sampling (LHS) to estimate the probabilities of specific system … systems, namely Kanban, Conwip, Hybrid, and Generic. In this example, Hybrid turns out to be best. However, when risk is … ignored, then Generic is best; so risk considerations do make a difference! The methodology can be easily applied to any …
Persistent link: https://www.econbiz.de/10011091481
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Nonparametric Tests of Collectively Rational Consumption Behavior : An Integer Programming Procedure
Cherchye, L.J.H.; de Rock, B.; Sabbe, J.; Vermeulen, F.M.P. - Tilburg University, Center for Economic Research - 2008
We present an IP-based nonparametric (revealed preference) testing proce- dure for rational consumption behavior in terms of general collective models, which include consumption externalities and public consumption. An empiri- cal application to data drawn from the Russia Longitudinal Monitoring...
Persistent link: https://www.econbiz.de/10011092661
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Sharing Rule Identification for General Collective Consumption Models
Cherchye, L.J.H.; de Rock, B.; Lewbel, A.; Vermeulen, F.M.P. - Tilburg University, Center for Economic Research - 2012
Abstract: We propose a method to identify bounds (i.e. set identification) on the sharing rule for a general collective household consumption model. Unlike the effects of distribution factors, it is well known that the level of the sharing rule cannot be uniquely identified without strong...
Persistent link: https://www.econbiz.de/10011092688
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Opening the Black Box of Intra-Household Decision-Making : Theory and Non-Parametric Empirical Tests of General Collective Consumption Models
Cherchye, L.J.H.; de Rock, B.; Vermeulen, F.M.P. - Tilburg University, Center for Economic Research - 2005
We non-parametrically test a general collective consumption model with public consumption and externalities inside the household.We further propose a novel approach to model special cases of the general collective model.These special cases include alternative restrictions on the 'sharing rule'...
Persistent link: https://www.econbiz.de/10011092718
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Is Utility Transferable? A Revealed Preference Analysis
Cherchye, L.J.H.; Demuynck, T.; de Rock, B. - Tilburg University, Center for Economic Research - 2011
We provide a revealed preference analysis of the transferable utility hypothesis, which is widely used in economic models. First, we establish revealed preference conditions that must be satisfied for observed group behavior to be consistent with Pareto efficiency under transferable utility....
Persistent link: https://www.econbiz.de/10011092784
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An Afriat Theorem for the Collective Model of Household Consumption
Cherchye, L.J.H.; de Rock, B.; Vermeulen, F.M.P. - Tilburg University, Center for Economic Research - 2008
We provide a nonparametric 'revealed preference' characterization of rational household behavior in terms of the collective consumption model, while accounting for general (possibly non-convex) individual preferences. We establish a Collective Axiom of Revealed Preference (CARP), which provides...
Persistent link: https://www.econbiz.de/10011092805