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Ambiguity aversion in the long run: Repeated decisions under risk and uncertainty
Liu, Hsin-Hsien; Colman, Andrew M. - 2009
In two experiments, decision makers chose between risky and ambiguous gambles under conditions of both single (unrepeated) and multiply repeated choices. The gambles were presented either as modified Ellsberg urn choices or as marketing strategy decisions. In both experiments, decision makers...
Persistent link: https://www.econbiz.de/10009474946
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Essays in Financial Econometrics
Park, Joon Y. (contributor) - 2009
I consider continuous time asset pricing models with stochastic differential utilityincorporating decision makers' concern with ambiguity on true probability measure.In order to identify and estimate key parameters in the models, I use a novel econometricmethodology developed recently by Park...
Persistent link: https://www.econbiz.de/10009464835
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Ignorance is bliss: the information malleability effect
Mishra, Himanshu Kumar - 2006
In this dissertation, I propose that, post-action, people tend to be more optimistic about outcomes when their actions were based on malleable (vague) information compared to when their actions were based on unmalleable (precise) information. However, pre-action, no such difference occurs. I...
Persistent link: https://www.econbiz.de/10009466032
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Exercise strategies for American exotic options under ambiguity
Chudjakow, Tatjana; Vorbrink, Jörg - 2009
We analyze several exotic options of American style in a multiple prior setting and study the optimal exercise strategy from the perspective of an ambiguity averse buyer in a discrete time model of Cox-Ross-Rubinstein style. The multiple prior model relaxes the assumption of a known distribution...
Persistent link: https://www.econbiz.de/10009452559
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Subjective Beliefs and Ex Ante Trade
Rigotti, Luca; Shannon, Chris; Strzalecki, Tomasz - 2008
theorems. When aggregate uncertainty is absent, our results show that full insurance is efficient if and only if agents share …
Persistent link: https://www.econbiz.de/10009431968
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MANAGING CATASTROPHIC RISK BY ALTERNATIVE RISK TRANSFER INSTRUMENTS
Ou Yang, Chieh - 2010
that parimutuel insurance intrinsically leads to participants being underinsured due to basis risk. Although participants … will be underinsured, parimutuel insurance guarantees no underlying risk borne by the issuer. We also derive the equivalent … transaction costs of traditional insurance relative to HuRLOs. The actual transaction cost for traditional insurance is found to …
Persistent link: https://www.econbiz.de/10009439051
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14.123 Microeconomic Theory III, Spring 2009
Eso, Peter - 2009
This half-semester course discusses decision theory and topics in game theory. We present models of individual decision-making under certainty and uncertainty. Topics include preference orderings, expected utility, risk, stochastic dominance, supermodularity, monotone comparative statics,...
Persistent link: https://www.econbiz.de/10009432546
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Geothermal Electric Projects from a User's Viewpoint
Nugent, James M. - 2006
increased risk as perceived by utilities, banks and lessors and the unpredictability of those risks as perceived by insurance … higher rate of return obtaining insurance; or some combination of DOE loan guarantee, lease and insurance. No attempt has …
Persistent link: https://www.econbiz.de/10009435415
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Applications of Solar Technology for Catastrophe Response, Claims Management, and Loss Prevention
Deering, A.; Thornton, J.P. - 2008
Today's insurance industry strongly emphasizes developing cost-effective hazard mitigation programs, increasing and … the Insurance Industry.'' Presentations were made by insurance company representatives, insurance trade groups, government … discuss how energy efficiency and renewable technologies can contribute to reducing insurance losses. …
Persistent link: https://www.econbiz.de/10009435566
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Geopressured-geothermal energy development: government incentives and institutional structures
Frederick, D.O.; Prestwood, D.C.L.; Roberts, K.; … - 2007
The following subjects are included: a geothermal resource overview, the evolution of the current Texas geopressured-geothermal institutional structure, project evaluation with uncertainty and the structure of incentives, the natural gas industry, the electric utility industry, potential...
Persistent link: https://www.econbiz.de/10009435830