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Uncertainty means partially or totally knowing the probabilities to accomplish an action’s potential results.
Persistent link: https://www.econbiz.de/10008490475
consequences of the hypothesis in utility and prospect theories are reviewed. Partially unforeseen events and their role in …
Persistent link: https://www.econbiz.de/10011110243
an uniform solution of the underweighting of high and the overweighting of low probabilities, of the Allais paradox, risk …
Persistent link: https://www.econbiz.de/10005835901
A new approach is presented. It is based on a generalization of a breach of a term of contract and on the economic uncertainty principle. Problems, which can be solved, research fields, which can be augmented or created, and fields of applications in practical economy are reviewed. The role of...
Persistent link: https://www.econbiz.de/10005836335
noises, uncertainties. A hypothesis of existence of such ruptures may be used to solve a number of problems of, e.g., utility … theory in economics. The calculations give the dimensions of ruptures can be more than 1/3 of the standard deviation for the …
Persistent link: https://www.econbiz.de/10008587482
reliance on Taylor’s approximations and the indirect utility function. …
Persistent link: https://www.econbiz.de/10008633357
We develop a model of social choice over lotteries, where people's psychological characteristics are mutable, their preferences may be incomplete, and approximate interpersonal comparisons of well-being are possible. Formally, we suppose individual preferences are described by a...
Persistent link: https://www.econbiz.de/10008645099
This paper deals with the use of the CAPM for capital budgeting purposes. Four different measures are deductively drawn from this model: the disequilibrium Net Present Value, the equilibrium Net Present Value, the disequilibrium Net Future Value, the equilibrium Net Future Value. While all of...
Persistent link: https://www.econbiz.de/10005055505
Making a decision is a complex process which must be based upon a method that is able to establish the optimum criteria … in choosing an alternative, in evaluating the main effects of implementing the decision which was taken and in estimating …
Persistent link: https://www.econbiz.de/10005790371
Decision making always and necessarily implies human actions, which, when facing an external event (information) must …
Persistent link: https://www.econbiz.de/10008544702