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We propose a new theory of choice between lotteries, which combines an 'economic' view of decision making - based on a … rational, though incomplete, ordering - with a 'psychological' view - based on heuristics. This theory can explain observed … violations of EU theory, namely all cyclical patterns of choice as well as violations of independence.  …
Persistent link: https://www.econbiz.de/10014589069
Abstract In this paper, we formulate the classical optimal risk allocation problem for convex risk functionals defined on products of real Banach spaces as risk domains. This generality includes in particular the classical case of L p risks but also allows to describe the influence of dependence...
Persistent link: https://www.econbiz.de/10014621216
Abstract We characterize when a convex risk measure associated to a law-invariant acceptance set in L ∞ can be extended to L p , $1\le p<\infty $ , preserving finiteness and continuity . This problem is strongly connected to the statistical robustness of the corresponding risk measures....
Persistent link: https://www.econbiz.de/10014621226
Numerical simulation of several typical risk management strategies using pro forma financial statements from representative U.S. dairy cooperatives shows that combinations of forwards, swaps, and cash marketing strategies for output (cheese), along with various forward contracts offered to...
Persistent link: https://www.econbiz.de/10014667233
Abstract This paper examines the incentive performance of liability and regulation when a potential injurer can take …
Persistent link: https://www.econbiz.de/10014585181
liability for harmful speech have never been fully explored. We construct an analytical framework for studying libel law …
Persistent link: https://www.econbiz.de/10014587478
accountants, attorneys and physicians, potential liability for malpractice is now faced by marketing research professionals, as a …
Persistent link: https://www.econbiz.de/10014843223
Reports a case study concerning two individual defendants, SK and F, who were intermediaries in a case of large‐scale fraud during the Gulf War; the Grupo Torras SA (GT) sued them in order to recover money lost, and the case illustrates the circumstances in which intermediaries can be held...
Persistent link: https://www.econbiz.de/10014865218
& Company, Mocatta Metals Corporation v Peat, Marwick Main & Co. Concludes that courts seem divided on liability for auditors …
Persistent link: https://www.econbiz.de/10014865220
Shows how the Securities and Exchange Act and the Racketeer Influenced and Corrupt Organizations Act 1970 (RICO) in the USA impose additional burdens on auditors in the detection of accounting errors, irregularities and fraud, compared with other countries like the UK; this is in addition to the...
Persistent link: https://www.econbiz.de/10014865231