Showing 1 - 10 of 219
reliance on Taylor’s approximations and the indirect utility function. …
Persistent link: https://www.econbiz.de/10008633357
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 …
Persistent link: https://www.econbiz.de/10008587482
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
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
Since value and utility are the highest profile abstractions that underlie an epoch’s intellectual climate and ethical …-essentialization of value and substantialization of utility. But now the two concepts face a thorough transvaluation as the world …. Such extrapolations form the context in which the fourth historical phase of value and utility is hypothesized, leading to …
Persistent link: https://www.econbiz.de/10011258850
This short paper is devoted to two items: 1) An analysis of Prelec’s weighting function at the probability p = 1 is highlighted (this analysis was performed by R. Duncan Luce in two articles with Ragnar Steingrimsson and János Aczél and here is referred to as the “Luce problem”). 2) The...
Persistent link: https://www.econbiz.de/10011259321
may be used, e.g., in economics: microeconomics, macroeconomics, accounting, econometrics, utility theory; the Internet …
Persistent link: https://www.econbiz.de/10011259835
status driven utility function reconciles the conflict between income based and nutrition based measures of poverty. …
Persistent link: https://www.econbiz.de/10009323226