In an aging society, it becomes more and more important to understand how aging affects decision making. Older adults have to face many situations that require consequential financial decisions. In the present study, we examined the effects of aging on decisions in two domains of uncertainty:...

This paper employs an augmented version of the UECCC GARCH specificationproposed in Conrad and Karanasos (2010) which allows for lagged in-mean effects,level effects as well as asymmetries in the conditional variances. In this unifiedframework we examine the twelve potential intertemporal...

Individuals exhibit a randomization preference if they prefer random mix-tures of two bets to each of the involved bets. Such preferences provide thefoundation of various models of uncertainty aversion. However, it has to ourknowledge not been empirically investigated whether uncertainty-averse...

This paper employs the unrestricted extended constant conditional correlationGARCH specification proposed in Conrad and Karanasos (2008) to examine theintertemporal relationship between the uncertainties of in°ation and output growthin the US. We find that inflation uncertainty effects output...

We analyze a dynamic and stochastic ecological-economic model of grazingmanagement in semi-arid rangelands. The non-equilibrium ecosystem is driven bystochastic precipitation. A risk averse farmer chooses a grazing management strategyunder uncertainty such as to maximize expected utility from...

The concept of a non-extreme-outcome-additive capacity (neo-additive capacity ) is introduced.Neo-additive capacitiesmodel optimistic and pessimistic attitudes towards uncertaintyas observed in many experimental studies. Moreover, neo-additive capacities canbe applied easily in economic...