Uncertainty Aversion

Author : Mark Machina,W. Kip Viscusi
Publisher : Newnes
Page : 896 pages
File Size : 55,5 Mb
Release : 2013-11-14
Category : Business & Economics
ISBN : 9780444536860

Get Book

Handbook of the Economics of Risk and Uncertainty by Mark Machina,W. Kip Viscusi Pdf

The need to understand the theories and applications of economic and finance risk has been clear to everyone since the financial crisis, and this collection of original essays proffers broad, high-level explanations of risk and uncertainty. The economics of risk and uncertainty is unlike most branches of economics in spanning from the individual decision-maker to the market (and indeed, social decisions), and ranging from purely theoretical analysis through individual experimentation, empirical analysis, and applied and policy decisions. It also has close and sometimes conflicting relationships with theoretical and applied statistics, and psychology. The aim of this volume is to provide an overview of diverse aspects of this field, ranging from classical and foundational work through current developments. Presents coherent summaries of risk and uncertainty that inform major areas in economics and finance Divides coverage between theoretical, empirical, and experimental findings Makes the economics of risk and uncertainty accessible to scholars in fields outside economics

Author : Eyal Zamir,Doron Teichman
Publisher : Oxford Handbooks
Page : 841 pages
File Size : 43,7 Mb
Release : 2014
Category : Business & Economics
ISBN : 9780199945474

Get Book

The Oxford Handbook of Behavioral Economics and the Law by Eyal Zamir,Doron Teichman Pdf

'The Oxford Handbook of Behavioral Economics and Law' brings together leading scholars of law, psychology, and economics to provide an up-to-date and comprehensive analysis of this field of research, including its strengths and limitations as well as a forecast of its future development. Its twenty-nine chapters are organized into four parts.

Author : Larry G. Epstein
Publisher : Unknown
Page : 62 pages
File Size : 53,6 Mb
Release : 1997
Category : Uncertainty
ISBN : UOM:39015043085425

Get Book

Uncertainty Aversion by Larry G. Epstein Pdf

Author : Itzhak Gilboa
Publisher : Taylor & Francis
Page : 577 pages
File Size : 47,9 Mb
Release : 2004-08-02
Category : Business & Economics
ISBN : 9781134344161

Get Book

Uncertainty in Economic Theory by Itzhak Gilboa Pdf

This volume brings together important papers, coupled with new introductions, in the massively influential area of uncertainty in economic theory. Seminal papers are available together for the first time in book format, with new introductions and under the steely editorship of Itzhak Gilboa - this book is a useful reference tool for economists all over the globe.

Author : Mark J. Machina,Bertrand Munier
Publisher : Springer Science & Business Media
Page : 373 pages
File Size : 54,9 Mb
Release : 2013-03-09
Category : Business & Economics
ISBN : 9781475745924

Get Book

Beliefs, Interactions and Preferences by Mark J. Machina,Bertrand Munier Pdf

Beliefs, Interactions and Preferences in Decision Making mixes a selection of papers, presented at the Eighth Foundations and Applications of Utility and Risk Theory (`FUR VIII') conference in Mons, Belgium, together with a few solicited papers from well-known authors in the field. This book addresses some of the questions that have recently emerged in the research on decision-making and risk theory. In particular, authors have modeled more and more as interactions between the individual and the environment or between different individuals the emergence of beliefs as well as the specific type of information treatment traditionally called `rationality'. This book analyzes several cases of such an interaction and derives consequences for the future of decision theory and risk theory. In the last ten years, modeling beliefs has become a specific sub-field of decision making, particularly with respect to low probability events. Rational decision making has also been generalized in order to encompass, in new ways and in more general situations than it used to be fitted to, multiple dimensions in consequences. This book deals with some of the most conspicuous of these advances. It also addresses the difficult question to incorporate several of these recent advances simultaneously into one single decision model. And it offers perspectives about the future trends of modeling such complex decision questions. The volume is organized in three main blocks: The first block is the more `traditional' one. It deals with new extensions of the existing theory, as is always demanded by scientists in the field. A second block handles specific elements in the development of interactions between individuals and their environment, as defined in the most general sense. The last block confronts real-world problems in both financial and non-financial markets and decisions, and tries to show what kind of contributions can be brought to them by the type of research reported on here.

Author : J. Geweke
Publisher : Springer Science & Business Media
Page : 256 pages
File Size : 42,5 Mb
Release : 2012-12-06
Category : Business & Economics
ISBN : 9789401128384

Get Book

Decision Making Under Risk and Uncertainty by J. Geweke Pdf

As desired, the infonnation demand correspondence is single valued at equilibrium prices. Hence no planner is needed to assign infonnation allocations to individuals. Proposition 4. For any given infonnation price system p E . P (F *), almost every a E A demands a unique combined infonnation structure (although traders may be indifferent among partial infonnation sales from different information allocations, etc. ). In particular, the aggregate excess demand correspondence for net combined infonnation trades is a continuous function. Proof Uniqueness fails only if an agent can obtain the same expected utility from two or more net combined infonnation allocations. If this happens, appropriate slight perturbations of personal probability vectors destroy the equality unless the utility functions and wealth allocations were independent across states. Yet, when utilities and wealths don't depend on states in S, no infonnation to distinguish the states is desired, so that the demand for such infonnation structures must equal zero. To show the second claim, recall that if the correspondence is single valued for almost every agent, then its integral is also single valued. Finally, note that an upper hemicontinuous (by Proposition 2) correspondence which is single valued everywhere is, in fact, a continuous function. [] REFERENCES Allen, Beth (1986a). "The Demand for (Differentiated) Infonnation"; Review of Economic Studies. 53. (311-323). Allen, Beth (1986b). "General Equilibrium with Infonnation Sales"; Theory and Decision. 21. (1-33). Allen, Beth (1990). "Infonnation as an Economic Commodity"; American Economic Review. 80. (268-273).

Author : Gideon Keren,George Wu
Publisher : John Wiley & Sons
Page : 1064 pages
File Size : 45,7 Mb
Release : 2015-12-14
Category : Psychology
ISBN : 9781118912751

Get Book

The Wiley Blackwell Handbook of Judgment and Decision Making by Gideon Keren,George Wu Pdf

A comprehensive, up-to-date examination of the most important theory, concepts, methodological approaches, and applications in the burgeoning field of judgment and decision making (JDM) Emphasizes the growth of JDM applications with chapters devoted to medical decision making, decision making and the law, consumer behavior, and more Addresses controversial topics from multiple perspectives – such as choice from description versus choice from experience – and contrasts between empirical methodologies employed in behavioral economics and psychology Brings together a multi-disciplinary group of contributors from across the social sciences, including psychology, economics, marketing, finance, public policy, sociology, and philosophy 2 Volumes

Author : Robert Nau,Erik Grønn,Mark Machina,Olvar Bergland
Publisher : Springer Science & Business Media
Page : 290 pages
File Size : 55,6 Mb
Release : 1997-05-31
Category : Business & Economics
ISBN : 0792345568

Get Book

Economic and Environmental Risk and Uncertainty by Robert Nau,Erik Grønn,Mark Machina,Olvar Bergland Pdf

The 1980s and 1990s have been a period of exciting new developments in the modelling of decision-making under risk and uncertainty. Extensions of the theory of expected utility and alternative theories of `non-expected utility' have been devised to explain many puzzles and paradoxes of individual and collective choice behaviour. This volume presents some of the best recent work on the modelling of risk and uncertainty, with applications to problems in environmental policy, public health, economics and finance. Eighteen papers by distinguished economists, management scientists, and statisticians shed new light on phenomena such as the Allais and St. Petersburg paradoxes, the equity premium puzzle, the demand for insurance, the valuation of public health and safety, and environmental goods. Audience: This work will be of interest to economists, management scientists, risk and policy analysts, and others who study risky decision-making in economic and environmental contexts.

Author : Debra E. Gerald
Publisher : Unknown
Page : 288 pages
File Size : 55,6 Mb
Release : 2000
Category : Economic forecasting
ISBN : UOM:39015053152586

Get Book

Federal Forecasters Conference, 2000 by Debra E. Gerald Pdf

Author : Hiroyuki Ozaki,Peter A. Streufert,University of Western Ontario. Department of Economics
Publisher : London : Department of Economics, University of Western Ontario
Page : 36 pages
File Size : 52,7 Mb
Release : 1999
Category : Electronic
ISBN : 0771422210

Get Book

Solutions for Some Dynamic Problems with Uncertainty Aversion by Hiroyuki Ozaki,Peter A. Streufert,University of Western Ontario. Department of Economics Pdf

Author : Bianconi Marcelo
Publisher : World Scientific Publishing Company
Page : 496 pages
File Size : 51,7 Mb
Release : 2011-11-29
Category : Business & Economics
ISBN : 9789814405126

Get Book

Financial Economics, Risk And Information (2nd Edition) by Bianconi Marcelo Pdf

Financial Economics, Risk and Information presents the fundamentals of finance in static and dynamic frameworks with focus on risk and information. The objective of this book is to introduce undergraduate and first-year graduate students to the methods and solutions of the main problems in finance theory relating to the economics of uncertainty and information. The main goal of the second edition is to make the materials more accessible to a wider audience of students and finance professionals. The focus is on developing a core body of theory that will provide the student with a solid intellectual foundation for more advanced topics and methods. The new edition has streamlined chapters and topics, with new sections on portfolio choice under alternative information structures. The starting point is the traditional mean-variance approach, followed by portfolio choice from first principles. The topics are extended to alternative market structures, alternative contractual arrangements and agency, dynamic stochastic general equilibrium in discrete and continuous time, attitudes towards risk and towards inter-temporal substitution in discrete and continuous time; and option pricing. In general, the book presents a balanced introduction to the use of stochastic methods in discrete and continuous time in the field of financial economics.

Author : Peter P. Wakker
Publisher : Cambridge University Press
Page : 519 pages
File Size : 49,6 Mb
Release : 2010-07-22
Category : Business & Economics
ISBN : 9781139489102

Get Book

Prospect Theory by Peter P. Wakker Pdf

Prospect Theory: For Risk and Ambiguity, provides a comprehensive and accessible textbook treatment of the way decisions are made both when we have the statistical probabilities associated with uncertain future events (risk) and when we lack them (ambiguity). The book presents models, primarily prospect theory, that are both tractable and psychologically realistic. A method of presentation is chosen that makes the empirical meaning of each theoretical model completely transparent. Prospect theory has many applications in a wide variety of disciplines. The material in the book has been carefully organized to allow readers to select pathways through the book relevant to their own interests. With numerous exercises and worked examples, the book is ideally suited to the needs of students taking courses in decision theory in economics, mathematics, finance, psychology, management science, health, computer science, Bayesian statistics, and engineering.

Author : Econometric Society. World Congress
Publisher : Cambridge University Press
Page : 511 pages
File Size : 46,8 Mb
Release : 2013-05-27
Category : Business & Economics
ISBN : 9781107016040

Get Book

Advances in Economics and Econometrics by Econometric Society. World Congress Pdf

The first volume of edited papers from the Tenth World Congress of the Econometric Society 2010.

Author : Asim Zia
Publisher : Routledge
Page : 221 pages
File Size : 44,8 Mb
Release : 2013-02-11
Category : Business & Economics
ISBN : 9781135078270

Get Book

Post-Kyoto Climate Governance by Asim Zia Pdf

In the midst of human-induced global climate change, powerful industrialized nations and rapidly industrializing nations are still heavily dependent on fossil fuels. Even if we arrive at a Hubbert’s peak for oil extraction in the 21st century, the availability of technologically recoverable coal and natural gas will mean that fossil fuels continue to be burned for many years to come, and our civilization will have to deal with the consequences far into the future. Climate change will not discriminate between rich and poor nations, and yet the UN-driven process of negotiating a global climate governance regime has hit serious roadblocks. This book takes a trans-disciplinary perspective to identify the causes of failure in developing an international climate policy regime and lays out a roadmap for developing a post-Kyoto (post-2012) climate governance regime in the light of lessons learned from the Kyoto phase. Three critical policy analytical lenses are used to evaluate the inherent complexity of designing post-Kyoto climate policy: the politics of scale; the politics of ideology; and the politics of knowledge. The politics of scale lens focuses on the theme of temporal and spatial discounting observed in human societies and how it impacts the allocation of environmental commons and natural resources across space and time. The politics of ideology lens focuses on the themes of risk and uncertainty perception in complex, pluralistic human societies. The politics of knowledge lens focuses on the themes of knowledge and power dynamics in terms of governance and policy designs, such as marketization of climate governance observed in the Kyoto institutional regime.

Author : Thorsten Hens,Marc Oliver Rieger,Mei Wang
Publisher : World Scientific
Page : 573 pages
File Size : 42,5 Mb
Release : 2020-10-29
Category : Business & Economics
ISBN : 9789811221965

Get Book

Cultural Finance: A World Map Of Risk, Time And Money by Thorsten Hens,Marc Oliver Rieger,Mei Wang Pdf

This book provides a comprehensive overview of the emerging field of cultural finance. It summarizes research results of cultural differences in financial decision making and financial markets. Many of the results have been published in leading academic journals over the last ten years but some are presented here for the first time. The book is based on an international survey on risk and time preferences — the INTRA study, conducted in 53 countries worldwide. Applications to financial markets include the equity premium puzzle, the value premium, dividend payout policies and asset allocations.