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The principle of uncertain future: the probability of a future event contains an (hidden) uncertainty. The first … 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
uncertainty principle. Problems, which can be solved, research fields, which can be augmented or created, and fields of …
Persistent link: https://www.econbiz.de/10005836335
In soccer penalty kicks, goalkeepers choose their action before they can clearly observe the kick direction. An analysis of 286 penalty kicks in top leagues and championships worldwide shows that given the probability distribution of kick direction, the optimal strategy for goalkeepers is to...
Persistent link: https://www.econbiz.de/10005621397
uncertainty (and each single uncertainty) and change in risk aversion on each input demand. In so doing, we emphasize the …
Persistent link: https://www.econbiz.de/10008587470
The article raises the question of possible existence of ruptures, gaps in the probability scale which are caused by 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...
Persistent link: https://www.econbiz.de/10008587482
trade is inevitably initiated or taken in circumstances of uncertainty and risk. There are sometimes situations where the … uncertainty is too high, making it virtually impossible because a decision or goal in itself or the way that it can achieve are … between risky situations and certain situations, but between different degrees of risk and different outcomes. …
Persistent link: https://www.econbiz.de/10008678277
results are applicable to infinite-horizon intertemporal choice, choice under uncertainty, and variable-population social …
Persistent link: https://www.econbiz.de/10008805853
The concept of unforeseen events is considered as a part of a hypothesis of uncertain future. The applications of the consequences of the hypothesis in utility and prospect theories are reviewed. Partially unforeseen events and their role in forecasting are analyzed. Preliminary preparations are...
Persistent link: https://www.econbiz.de/10011110243
The changing environment affects agriculture introducing sources of uncertainty. On the other hand, policies to cope … with risks may have strong impacts on the environment. We evaluate the effects of public risk management programmes, such …
Persistent link: https://www.econbiz.de/10011110478
desire and willingness to work hard and ability to remain motivated, ability to do business. …
Persistent link: https://www.econbiz.de/10008549615