Risk aversion is one of the most commonly cited properties of human decision making (e.g., Kahneman & Tversky, 1979). This finding is at odds with traditional expected value theory, but not with more recent theories of rational choice (e.g., von Neumann & Morgenstern, 1944). Since Bernoulli?s...

The objective of this paper was to compare and to analyze three portfolio selection models: Mean-Variance, Minimax and Minimax Weighted. These models were evaluated using historical data (September 1999 to August 2000, January 2001 to December 2001 and February 2002 to January 2003) obtained...

Incentives to innovate is a central element of innovation theory. In the private-investment model, innovators privately fund innovation and then use intellectual property protection mechanisms to appropriate returns from these investments. In the collective-action model, public subsidy funds...

Game-theoretic models incorporating neo-classical economic assumptions can be a powerful tool for identifying and analyzing issues relevant to legal policy. In this paper I argue that, where those assumptions are deficient, the efficacy of and insights from such models can be improved by...

Mixed strategies are a key component of game theory. Investigations into whether or not people use optimal mixed strategies have largely been limited to laboratory settings and have produced mixed results. Recently, the empirical framework has been extended into professional sports. This study...

Play calling strategies during football games are extremely important to the success of a team. In the past, coaches and players have subjectively determined the plays to call based on past experiences, personal biases, and various observable factors. This research quantifies these decisions...