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Risk and Choice: A Research Saga
Gollier, Christian; Hammitt, James; Treich, Nicolas - Institut d'Économie Industrielle (IDEI), Toulouse … - 2013
As in any research field, risk theory has its important questions, results, and paradoxes, as well as its seminal … papers and key authors. Louis Eeckhoudt has been a key author in the field of risk theory. To celebrate his many … contributions to the literature, and provides some illustrations of the remarkable research saga in risk theory over the last 50 …
Persistent link: https://www.econbiz.de/10010968958
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Chance Theory: A Separation of Riskless and Risky Utility
Schmidt, Ulrich; Horst, Zank - Institut für Weltwirtschaft (IfW) - 2013
We present a preference foundation for Chance Theory (CT), a model of decision making under uncertainty where the …
Persistent link: https://www.econbiz.de/10010886918
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Risk and Choice: A Research Saga
Gollier, Christian; Hammitt, James; Treich, Nicolas - Toulouse School of Economics (TSE) - 2013
As in any research field, risk theory has its important questions, results, and paradoxes, as well as its seminal … papers and key authors. Louis Eeckhoudt has been a key author in the field of risk theory. To celebrate his many … contributions to the literature, and provides some illustrations of the remarkable research saga in risk theory over the last 50 …
Persistent link: https://www.econbiz.de/10011004782
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A target-based foundation for the "hard-easy effect" bias
Bordley, Robert; LiCalzi, Marco; Tibiletti, Luisa - Dipartimento di Management, Università Ca' Foscari Venezia - 2014
The "hard-easy effect" is a well-known cognitive bias on self-confidence calibration that refers to a tendency to overestimate the probability of success in hard-perceived tasks, and to underestimate it in easy-perceived tasks. This paper provides a target-based foundation for this effect, and...
Persistent link: https://www.econbiz.de/10010951592
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"Es" y "deber ser" en las teorías de la decisión acerca de la condición normativa de la teoría de la decisión racional
Giancarlo Romano G. - UN - RCE - CID - 2012
utilidad esperada y controvierte su afirmación de acuerdo con la cual la Prospect Theory (PT) de Kahneman y Tversky pone en …
Persistent link: https://www.econbiz.de/10011276526
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Expected Utility and Catastrophic Risk
Ikefuji, Masako; Laeven, Roger; Magnus, Jan; Muris, Chris - Tinbergen Instituut - 2014
An expected utility based cost-benefit analysis is in general fragile to its distributional assumptions. We derive necessary and sufficient conditions on the utility function of the expected utility model to avoid this. The conditions ensure that expected (marginal) utility remains finite also...
Persistent link: https://www.econbiz.de/10011261938
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Consistent Risk Acceptance Criteria through Networks
Cerqueti, Roy; Lupi, Claudio - Dipartimento di Economia, Gestione, Società e … - 2015
In decision theory projects are usually evaluated in terms of their riskiness, and often decision under risk is … risk acceptance, and aims at developing a theoretical framework based on networks theory. In doing this, the … for the risk-acceptance criterion to be consistent with the axiomatization of standard expected utility theory are also …
Persistent link: https://www.econbiz.de/10011264723
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Upper and lower bounds for expected utility
LiCalzi, Marco - In: Economic Theory 16 (2000) 2, pp. 489-502
missing a convenient way to link probability theory and expected utility. This paper is written to demonstrate a general (and …
Persistent link: https://www.econbiz.de/10005244915
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An Experimental Investigation of Alternatives to Expected Utility Using Pricing Data
Morone, Andrea; Schmidt, Ulrich - Max-Planck-Institut für Ökonomik, Max-Planck-Gesellschaft - 2005
Experimental research on decision making under risk has until now always employed choice data in order to evaluate the empirical performance of expected utility and the alternative non-expected utility theories. The present paper performs a similar analysis which relies on pricing data instead...
Persistent link: https://www.econbiz.de/10005252188
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Subjective ambiguity, expected utility and Choquet expected utility
Zhang, Jiankang - In: Economic Theory 20 (2002) 1, pp. 159-181
Using the Savage set up, this paper provides a simple axiomatization of the Choquet Expected Utility model where the capacity is an inner measure. Two attractive features of the model are its specificity and the transparency of its axioms. The key axiom states that the decision-maker uses...
Persistent link: https://www.econbiz.de/10005371179