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In recent years, there has been an increase in research on conventions motivated by the game-theoretic contributions of the philosopher David Lewis. Prior to this surge in interest, discussions of convention in economics had been tied to the analysis of John Maynard Keynes's writings. These...
Persistent link: https://www.econbiz.de/10008741353
contrast, uncertainty about the catastrophic threshold typically causes coordination to collapse. Whether the probability …
Persistent link: https://www.econbiz.de/10010877724
We examine whether cooperative planning and uncertainty affect the magnitude of rework in concurrent engineering projects with upstream and downstream operations, and explore the impact of such rework on project delays. Using survey data from a sample of 120 business process (BP) redesign and...
Persistent link: https://www.econbiz.de/10009218447
Study of risk has become more and more lately, the whole general theory of management due to increasing complexity of …
Persistent link: https://www.econbiz.de/10010550611
We analyze a series of macroeconometric models developed in the years of high theory by Marschak, Frisch and Leontief … spread of technological change through the producers’ exchanges network; the other is based on the coordination problems …
Persistent link: https://www.econbiz.de/10011122330
’ decisions in choice settings has been formally represented in economic theory up to date. To position our discussion within the … ongoing debate on uncertainty, we provide a?brief review of historical developments in economic theory and decision theory …
Persistent link: https://www.econbiz.de/10011007691
individuals is the most relevant message conveyed by the General Theory. This paper starts off from a brief summary of Akerlof and … some current proposals to amend mainstream decision theory, were already implicitly discussed by Keynes in his critique of …
Persistent link: https://www.econbiz.de/10010555610
A theory of choice under uncertainty is proposed which removes the completeness assumption from the Anscombe …-Aumann formulation of Savage's theory and introduces an inertia assumption. The inertia assumption is that there is such a thing as the … status quo and an alternative is accepted only if it is preferred to the status quo. This theory is one way of giving …
Persistent link: https://www.econbiz.de/10004990797
It is not unusual in real-life that one has to choose among finitely many alternatives when the merit of each alternative is not perfectly known. Instead of observing the actual utilities of the alternatives at hand, one typically observes more or less precise signals that are positively...
Persistent link: https://www.econbiz.de/10005710961
Utility functions for 13 Minnesota farmers are estimated from their responses to hypothetical decision problems under uncertainty. The results furnish strong evidence of risk aversion and of decreasing absolute risk aversion as wealth increases.
Persistent link: https://www.econbiz.de/10008496475