heterogeneity of committee members, this voting rule is suboptimal in terms of the quality of the interest rate decision, but …

outcomes experienced during the game. Risk aversion decreases after earlier expectations have been shattered by unfavorable …

analyze the effect of risk aversion, ambiguity aversion and the elasticity of intertemporal substitution on the willingness to … pay to avoid climate change risk. The first part of the paper analyzes a general disaster (jump) risk model with a … constant arrival rate of disasters. This provides useful intuition in how preferences influence valuation of long-term risk …

In this paper we study Markov Decision Process (MDP) problems with the restriction that at decision epochs only a … finite number of given Markovian decision rules may be applied. The elements of the finite set of allowed decision rules … should be mixed to improve the performance. The set of allowed Markovian decision rules could for example consist of some …

. Behind the debate, it is argued, lies a fundamental different idea of how human decision-making is to be understood and …

This paper provides an overview of the work of Herbert Simon and his ideas about rational decision making. By his own …’s research is how human beings organize themselves in different structures of distributed decision making in order to achieve a … view on rational decision making in economics and other social sciences. …

(Generalized AutoRegressive Score) and GARCH models, extending them to Student's t-GARCH and t-GAS. Second, an important risk … standard option pricing inapplicable. Therefore we parametrize the investor's risk preference and use utility indifference …

common knowledge, except that bidders have private degrees of aversion to downside-risk. In this model, the optimal FPA … risk or risk aversion generally leads to lower equilibrium bids. …