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Uncertainty and sustainability in the management of semi-arid rangelands
Quaas, Martin F.; Baumgärtner, Stefan; Becker, Christian; … - 2005
We analyze a dynamic and stochastic ecological-economic model of grazing management in semi-arid rangelands. The non …-equilibrium ecosystem is driven by stochastic precipitation. A risk averse farmer chooses a grazing management strategy under uncertainty … such as to maximize expected utility from farming income. Grazing management strategies are rules about which share of the …
Persistent link: https://www.econbiz.de/10010467001
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Uncertainty and sustainability in the management of semi-arid rangelands
Quaas, Martin; Baumgärtner, Stefan; Becker, Christian; … - 2004
We analyze a dynamic and stochastic ecological-economic model of grazing management in semi-arid range lands. The non …-equilibrium ecosystem is driven by stochastic precipitation. A risk averse farmer chooses a grazing management strategy under uncertainty … such as to maximize expected utility from farming income. Grazing management strategies are rules about which share of the …
Persistent link: https://www.econbiz.de/10003246066
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Risk aversion and the subjective time discount rate : a joint approach
Praag, Bernard M. S. van; Booij, Adam S. - 2003
In this paper we analyze a large sample of individual responses to six lottery questions. Wederive a simultaneous estimate of risk aversion ? and the time preference discount rate ? perindividual. This can be done because the consumption of a large prize is smoothed over a largertime period. It...
Persistent link: https://www.econbiz.de/10011333268
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Ambiguity framed
Schneider, Mark; Leland, Jonathan W.; Wilcox, Nathaniel T. - 2016
Persistent link: https://www.econbiz.de/10011486367
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Risk aversion and the subjective time discount rate : a joint approach
Praag, Bernard M. S. van; Booij, Adam S. - 2003
In this paper we analyze a large sample of individual responses to six lottery questions. We derive a simultaneous estimate of risk aversion and the time preference discount rate per individual. This can be done because the consumption of a large prize is smoothed over a larger time period. It...
Persistent link: https://www.econbiz.de/10011507761
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Eliciting prospect theory when consequences are measured in time units : "time is not money"
Abdellaoui, Mohammed; Kemel, Emmanuel - In: Management science : journal of the Institute for … 60 (2014) 7, pp. 1844-1859
Persistent link: https://www.econbiz.de/10010399420
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Loss modification incentives for insurers under expected utility and loss aversion
Soetevent, Adriaan R.; Zhou, Liting - 2014
Given the possibility to modify the probability of a loss, will a profit-maximizing insurer engage in loss prevention or is it in his interest to increase the loss probability? This paper investigates this question. First, we calculate the expected profit maximizing loss probability within an...
Persistent link: https://www.econbiz.de/10010395085
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Quantifying loss aversion : evidence from a UK population survey
Blake, David; Cannon, Edmund S.; Wright, Douglas - 2019
Persistent link: https://www.econbiz.de/10012802907
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The optimal spending rate versus the expected real return of a sovereign wealth fund
Aase, Knut K.; Bjerksund, Petter - In: Journal of risk and financial management : JRFM 14 (2021) 9, pp. 1-35
We consider a sovereign wealth fund that invests broadly in the international financial markets. The influx to the fund has stopped. We adopt the life cycle model and demonstrate that the optimal spending rate from the fund is significantly less than the fund's expected real rate of return. The...
Persistent link: https://www.econbiz.de/10012628390
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Alternative views on the link between risk aversion and diminishing marginal utility of wealt
Menzl, Vojtěch - In: European financial and accounting journal : EFAJ 16 (2021) 2, pp. 51-72
Although the link between risk aversion and diminishing marginal utility of wealth is academically well established, theoretical discussions concerning its empirical validity remain. The presented, review-type paper aims to briefly examine theoretical roots responsible for the different views on...
Persistent link: https://www.econbiz.de/10012807566