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Persistent link: https://www.econbiz.de/10014383535
Making decisions under uncertainty is at the core of human decision-making, particularly economic decision-making. In economics, a distinction is often made between quantifiable uncertainty (risk) and un-quantifiable uncertainty (Knight, Uncertainty and Profit, 1921). However, this distinction...
Persistent link: https://www.econbiz.de/10011291850
. However, this job protection effect is reduced if the expected probability of a setback increases, and if the expected … duration and size of a recession grows. If a severe recession is expected with a high probability the option to wait with …
Persistent link: https://www.econbiz.de/10010265859
Projections of regional changes in surface air temperature and precipitation for the greater Nile River basin and northern Africa are presented. The probabilistic projections are obtained through a technique that combines projections of the MIT Integrated Global System Model with climate-change...
Persistent link: https://www.econbiz.de/10011440682
process has an high probability to reach a final decision. We also better qualify the degree of manipulability of such a final …
Persistent link: https://www.econbiz.de/10010328377
In this paper we develop on a geometric model of social choice among bundles of interdependent elements (objects). Social choice can be seen as a process of search for optima in a complex multi-dimensional space and objects determine a decomposition of such a space into subspaces. We present a...
Persistent link: https://www.econbiz.de/10010328500
The question of how to deal with uncertainty in environmental decision-making is cur-rently attracting considerable attention on the part of scientists as well as of politicians and those involved in government administration. The existence of uncertainty becomes particularly apparent in the...
Persistent link: https://www.econbiz.de/10010304368
of the probability of a horse winning - longshots are overbet, while favorites are underbet. Neoclassical explanations of … misperceptions of probability drive the favorite-longshot bias, as suggested by Prospect Theory. …
Persistent link: https://www.econbiz.de/10010276786
awareness-dependent subject expected utility and assigns probability zero to some subsets of states that are not necessarily … events. We discuss in what sense probability zero can model unawareness. …
Persistent link: https://www.econbiz.de/10010282109
graphing tools are used, such as, probability paper and different specifications of exponential functions representing … cumulative probability distributions. The argument is that traditional time-series analysis implies a given universe, usually …
Persistent link: https://www.econbiz.de/10010288058