Define the riskiness of a gamble as the reciprocal of the absolute risk aversion (ARA) of an individual with constant ARA who is indifferent between taking and not taking that gamble. We characterize this index by axioms, chief among them a \"duality\" axiom which, roughly speaking, asserts that...

Geoengineering, the deliberate large-scale manipulation of the planetary environment to counteract anthropogenic climate change, has been more widely considered as an accompanying strategy to conventional climate change mitigation measures to combat global warming. However, this approach is far...

Cosmetic dermatology is a marriage between medicine and business. Research in cosmetic dermatology shares the fundamental principles of clinical and pharmaceutical research. Research team can help the decision makers by giving a realistic picture of the uncertainties involved. Certain...

This paper extends choice theory by allowing for the interaction between cognitive costs and imitative dynamics. The authors experimentally investigate the role of imitation when participants face a task which is costly in cognitive terms. In order to disentangle different choice dynamics, they...

This paper extends choice theory by allowing for the interaction between cognitive costs and imitative dynamics. The authors experimentally investigate the role of imitation when participants face a task which is costly in cognitive terms. In order to disentangle different choice dynamics, they...

I was born in Milwaukee, Wisconsin, on June 15, 1916. My father, an electrical engineer, had come to the United States in 1903 after earning his engineering diploma at the Technische Hochschule of Darmstadt, Germany. He was an inventor and designer of electrical control gear, later also a patent...

Lecture to the memory of Alfred Nobel, December 8, 1978

Markowitz's classical model, as well as other models derived from it (Tobin, Black, …), have raised the problem of the analysis and selection of portfolio securities using statistical instruments that assume a regular and efficient market. This is not usually the case. Although some authors...

Entrepreneurship studies have attributed to over-confidence decisions to start a new venture. Many decision situations, through which over-confidence is measured, entail some degrees of uncertainty, (e.g., related to own skill or to competition). The aspect of uncertainty is largely neglected in...