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I trace the arc of my thinking about political economy and Christian theology from my early interactions with the work of Richard Whately and Frank Knight to more recent economic and theological reflections on innovation. The general theme is that life is more than economics, despite the...
Persistent link: https://www.econbiz.de/10010777698
two questions from the decision making literature. First, what determines how much uncertainty a firm has when investing … data, support was found for the Bounded Rationality hypothesis; firms have less uncertainty about an acquisition … hypothesis; firms whose prior machines perform below aspiration levels seek more uncertainty in their subsequent acquisitions …
Persistent link: https://www.econbiz.de/10009438770
Energy prices have exhibited significant volatility in recent years. For example, natural gas pricesranged from $4 to $15 per MM BTU's in calendar years 2005 through 2011. Future prices are uncertainbut are likely to retain a high level of volatility. This volatility complicates analysis of...
Persistent link: https://www.econbiz.de/10009464935
Persistent link: https://www.econbiz.de/10009448801
certainty, risk, or uncertainty, the software outputs match with the results of actual highway programming at least 85 percent … physical highway assets or system usage only under certainty or risk, this research focuses on the management of an entire … highway network that also incorporates tradeoff decisions involving uncertainty. Systemwide multiattribute utility functions …
Persistent link: https://www.econbiz.de/10009430725
Persistent link: https://www.econbiz.de/10002653682
's empirical findings under risk. Furthermore, no significant differences are detected across contexts as regards utility and loss …, our data suggest that, for gains at least, the subjective treatment of uncertainty in experience-based and description …
Persistent link: https://www.econbiz.de/10010990473
We consider the effect of an increase in the risk from pollution. We show that in the case of a flow pollution, when … Association</italic>, 2009], showing that a marginal increase of risk in the neighborhood of a risk-free world is welfare …-improving, holds even when we consider non-marginal increases in risk and for any initial values of the risk. By contrast, in the case …
Persistent link: https://www.econbiz.de/10010990807
economics, where the tendency is to see theory and methods for rational decision-making under risk and uncertainty as well …-established and risk management tools as well developed, and to view the PP with some circumspection. Following a brief introduction … decision-making and risk management (here labeled ordinary risk management, ORM), identifying areas of incompleteness …
Persistent link: https://www.econbiz.de/10010990886
This paper addresses a complex problem of finding optimal or suboptimal strategies and business decisions of (1) entrepreneurs, inventors, innovators, and other “economic actors” who are engaged, or want and can be engaged, in innovation activities, and (2) policymakers who want to secure...
Persistent link: https://www.econbiz.de/10010993801