1993, ISBN 0792393023, xii, 208

Book

Journal of Risk and Uncertainty, ISSN 0895-5646, 8/2014, Volume 49, Issue 1, pp. 1 - 29

Representing ambiguity in the laboratory using a Bingo Blower (which is transparent and not manipulable) and asking the subjects a series of allocation...

Risk aversion | Maximum likelihood estimation | Economic uncertainty | Utility functions | Mathematical independent variables | Expected utility | Parametric models | Modeling | Blowers | Ambiguity | Alpha model | Subjective expected utility | Bingo blower | Rank dependent expected utility | Vector expected utility | Economics / Management Science | Choquet expected utility | Contraction model | Operations Research/Decision Theory | Microeconomics | Environmental Economics | Economic Theory | C91 | D81 | INFORMATION | RISK-AVERSION | EXPECTED UTILITY | CONSISTENCY | ATTITUDE | BUSINESS, FINANCE | PROBABILITY | PREFERENCES | UNCERTAINTY | ECONOMICS | Decision-making | Usage | Utility theory | Maximum likelihood estimates (Statistics) | Analysis | Methods | Studies | Probability | Bingo | Decision theory

Risk aversion | Maximum likelihood estimation | Economic uncertainty | Utility functions | Mathematical independent variables | Expected utility | Parametric models | Modeling | Blowers | Ambiguity | Alpha model | Subjective expected utility | Bingo blower | Rank dependent expected utility | Vector expected utility | Economics / Management Science | Choquet expected utility | Contraction model | Operations Research/Decision Theory | Microeconomics | Environmental Economics | Economic Theory | C91 | D81 | INFORMATION | RISK-AVERSION | EXPECTED UTILITY | CONSISTENCY | ATTITUDE | BUSINESS, FINANCE | PROBABILITY | PREFERENCES | UNCERTAINTY | ECONOMICS | Decision-making | Usage | Utility theory | Maximum likelihood estimates (Statistics) | Analysis | Methods | Studies | Probability | Bingo | Decision theory

Journal Article

Management Science, ISSN 0025-1909, 6/2018, Volume 64, Issue 6, pp. 2812 - 2832

First, this paper introduces and axiomatizes range-dependent utility as a new conceptual framework for decision making under risk. It is a simple and...

expected utility | Allais paradox | stochastic dominance violations | probability weighting | certainty equivalent | range-frequency model | Certainty equivalent | Stochastic dominance violations | Probability weighting | Expected utility | Range-frequency model | CALIBRATION | MANAGEMENT | VARIANTS | LOTTERY | SELLING PRICE | GAMBLES | RISK-AVERSION | CHOICE | OPERATIONS RESEARCH & MANAGEMENT SCIENCE | EXPECTED-UTILITY | DECISION-MAKING | PROSPECT-THEORY | Decision-making | Usage | Utility theory | Risk management | Decision analysis | Methods | Analysis

expected utility | Allais paradox | stochastic dominance violations | probability weighting | certainty equivalent | range-frequency model | Certainty equivalent | Stochastic dominance violations | Probability weighting | Expected utility | Range-frequency model | CALIBRATION | MANAGEMENT | VARIANTS | LOTTERY | SELLING PRICE | GAMBLES | RISK-AVERSION | CHOICE | OPERATIONS RESEARCH & MANAGEMENT SCIENCE | EXPECTED-UTILITY | DECISION-MAKING | PROSPECT-THEORY | Decision-making | Usage | Utility theory | Risk management | Decision analysis | Methods | Analysis

Journal Article

10/2018, Oxford Studies in History of Economics, ISBN 0199372764, 345

The book reconstructs the history of utility measurement in economics, from the marginal revolution of the 1870s to the beginning of behavioral economics in...

Microeconomics | Utility theory | Economics-History | Experimental utility measurement | Expected utility theory | Measurement of sensations | Economic methodology | Ordinal utility | Choice behavior | Measurement theory | Cardinal utility | Utility measurement

Microeconomics | Utility theory | Economics-History | Experimental utility measurement | Expected utility theory | Measurement of sensations | Economic methodology | Ordinal utility | Choice behavior | Measurement theory | Cardinal utility | Utility measurement

eBook

European Journal of Operational Research, ISSN 0377-2217, 04/2014, Volume 234, Issue 2, pp. 346 - 355

► Critically evaluates attacks on assumptions of modern portfolio theory. ► Argues attacks confuse sufficient versus necessary conditions for applying theory....

Semivariance | Value at risk | Expected utility | Geometric mean | Mean-absolute deviation | Mean–variance analysis | Mean-variance analysis | OPERATIONS RESEARCH & MANAGEMENT SCIENCE | Reports | Dispersion measures (Statistics) | Analysis | Analysis of variance | Errors | Utilities | Gaussian | Operational research | Approximation

Semivariance | Value at risk | Expected utility | Geometric mean | Mean-absolute deviation | Mean–variance analysis | Mean-variance analysis | OPERATIONS RESEARCH & MANAGEMENT SCIENCE | Reports | Dispersion measures (Statistics) | Analysis | Analysis of variance | Errors | Utilities | Gaussian | Operational research | Approximation

Journal Article

Quantitative Economics, ISSN 1759-7323, 07/2014, Volume 5, Issue 2, pp. 195 - 223

We report a portfolio‐choice experiment that enables us to estimate parametric models of ambiguity aversion at the level of the individual subject. The assets...

Uncertainty | recursive nonexpected utility | contraction expected utility | Choquet expected utility | maxmin expected utility | α‐maxmin expected utility | risk aversion | recursive expected utility | rank‐dependent utility | experiment | subjective expected utility | pessimism/optimism | C91 | D81 | ambiguity aversion | α-maxmin expected utility | Maxmin expected utility | Experiment | Subjective expected utility | Recursive expected utility | Recursive nonexpected utility | Contraction expected utility | Ambiguity aversion | Risk aversion | Rank-dependent utility | Pessimism/optimism | LOTTERIES | BEHAVIOR | alpha-maxmin expected utility | RISK | ASTERISK | EXPECTED UTILITY | ATTITUDE | AFRIATS THEOREM | UNCERTAINTY AVERSION | ECONOMICS | ANTICIPATED UTILITY | rank-dependent utility | REVEALED PREFERENCE | Expected utility | Economic models | Pessimism

Uncertainty | recursive nonexpected utility | contraction expected utility | Choquet expected utility | maxmin expected utility | α‐maxmin expected utility | risk aversion | recursive expected utility | rank‐dependent utility | experiment | subjective expected utility | pessimism/optimism | C91 | D81 | ambiguity aversion | α-maxmin expected utility | Maxmin expected utility | Experiment | Subjective expected utility | Recursive expected utility | Recursive nonexpected utility | Contraction expected utility | Ambiguity aversion | Risk aversion | Rank-dependent utility | Pessimism/optimism | LOTTERIES | BEHAVIOR | alpha-maxmin expected utility | RISK | ASTERISK | EXPECTED UTILITY | ATTITUDE | AFRIATS THEOREM | UNCERTAINTY AVERSION | ECONOMICS | ANTICIPATED UTILITY | rank-dependent utility | REVEALED PREFERENCE | Expected utility | Economic models | Pessimism

Journal Article

Econometrica, ISSN 0012-9682, 05/2019, Volume 87, Issue 3, pp. 933 - 980

This paper begins by observing that any reflexive binary (preference) relation (over risky prospects) that satisfies the independence axiom admits a form of...

Affine binary relations | existence of mixed strategy Nash equilibrium | preference for portfolio diversification | justifiable preferences | preference reversal phenomenon | nontransitive and incomplete expected utility representations | EXISTENCE | RISK | STATISTICS & PROBABILITY | PREFERENCE REVERSAL | INFERENCE | CHOICE | MATHEMATICS, INTERDISCIPLINARY APPLICATIONS | SOCIAL SCIENCES, MATHEMATICAL METHODS | ECONOMICS | Game theory | Analysis | Preferences | Expected utility | Economic models

Affine binary relations | existence of mixed strategy Nash equilibrium | preference for portfolio diversification | justifiable preferences | preference reversal phenomenon | nontransitive and incomplete expected utility representations | EXISTENCE | RISK | STATISTICS & PROBABILITY | PREFERENCE REVERSAL | INFERENCE | CHOICE | MATHEMATICS, INTERDISCIPLINARY APPLICATIONS | SOCIAL SCIENCES, MATHEMATICAL METHODS | ECONOMICS | Game theory | Analysis | Preferences | Expected utility | Economic models

Journal Article

Econometrica, ISSN 0012-9682, 1/2014, Volume 82, Issue 1, pp. 1 - 39

We introduce and analyze expected uncertain utility (EUU) theory. A prior and an interval utility characterize an EUU decision maker. The decision maker...

Betting | Musical intervals | Economic theory | Lotteries | Mathematical functions | Economic utility | Expected utility | Paradoxes | Probabilities | Ambiguity | Ellsberg | subjective probability | Subjective probability | DEFINITION | SAVAGE AXIOMS | LOTTERIES | RISK | STATISTICS & PROBABILITY | MATHEMATICS, INTERDISCIPLINARY APPLICATIONS | SUBJECTIVE-PROBABILITY | PREFERENCES | SOCIAL SCIENCES, MATHEMATICAL METHODS | AVERSION | ECONOMICS

Betting | Musical intervals | Economic theory | Lotteries | Mathematical functions | Economic utility | Expected utility | Paradoxes | Probabilities | Ambiguity | Ellsberg | subjective probability | Subjective probability | DEFINITION | SAVAGE AXIOMS | LOTTERIES | RISK | STATISTICS & PROBABILITY | MATHEMATICS, INTERDISCIPLINARY APPLICATIONS | SUBJECTIVE-PROBABILITY | PREFERENCES | SOCIAL SCIENCES, MATHEMATICAL METHODS | AVERSION | ECONOMICS

Journal Article

1980, ISBN 9780898380354, xxii, 211

Book

The American Economic Review, ISSN 0002-8282, 6/2016, Volume 106, Issue 6, pp. 1476 - 1494

We introduce a new method to measure the temporal discounting of money. Unlike preceding methods, our method requires neither knowledge nor measurement of...

SEQUENCES | TIME-PREFERENCES | INCONSISTENCY | ECONOMICS | VALUATION | FUTURE | HEALTH | INTERTEMPORAL CHOICE | RISK PREFERENCES | Studies | Expected utility | Measurement techniques

SEQUENCES | TIME-PREFERENCES | INCONSISTENCY | ECONOMICS | VALUATION | FUTURE | HEALTH | INTERTEMPORAL CHOICE | RISK PREFERENCES | Studies | Expected utility | Measurement techniques

Journal Article

Journal of Mathematical Psychology, ISSN 0022-2496, 10/2018, Volume 86, pp. 30 - 40

We provide an axiomatic characterization for an expected Scott–Suppes utility representation. Such a characterization is the natural analog of the von...

Scott–Suppes representation | Uncertainty | Semiorder | Expected utility | Intransitive indifference | DECISION | SEMIORDERS | BEHAVIOR | RISK | MATHEMATICS, INTERDISCIPLINARY APPLICATIONS | Scott-Suppes representation | DISCRIMINATION | PREFERENCES | SOCIAL SCIENCES, MATHEMATICAL METHODS | PSYCHOLOGY, MATHEMATICAL

Scott–Suppes representation | Uncertainty | Semiorder | Expected utility | Intransitive indifference | DECISION | SEMIORDERS | BEHAVIOR | RISK | MATHEMATICS, INTERDISCIPLINARY APPLICATIONS | Scott-Suppes representation | DISCRIMINATION | PREFERENCES | SOCIAL SCIENCES, MATHEMATICAL METHODS | PSYCHOLOGY, MATHEMATICAL

Journal Article

Proceedings of the National Academy of Sciences of the United States of America, ISSN 0027-8424, 4/2013, Volume 110, Issue 17, pp. 6754 - 6759

We consider decision makers who know that payoff-relevant observations are generated by a process that belongs to a given class M, as postulated in Wald [Wald...

Binary relations | Information representations | Betting | Space based observatories | Conditional probabilities | Utility functions | Uniqueness | Expected utility | Orthogonality | Probabilities | MULTIDISCIPLINARY SCIENCES | Models, Theoretical | Decision Theory | Uncertainty | Decision Making - physiology | Humans | Risk management | Research | Statistical decision | Social Sciences

Binary relations | Information representations | Betting | Space based observatories | Conditional probabilities | Utility functions | Uniqueness | Expected utility | Orthogonality | Probabilities | MULTIDISCIPLINARY SCIENCES | Models, Theoretical | Decision Theory | Uncertainty | Decision Making - physiology | Humans | Risk management | Research | Statistical decision | Social Sciences

Journal Article

Theory and Decision, ISSN 0040-5833, 2/2014, Volume 76, Issue 2, pp. 265 - 286

Empirical research often requires a method how to convert a deterministic economic theory into an econometric model. A popular method is to add a random error...

D03 | C25 | Preference reversal phenomenon | Game Theory, Economics, Social and Behav. Sciences | Strong utility | Economics / Management Science | Risk aversion | Probabilistic choice | Stochastic dominance | Decision theory | Operations Research/Decision Theory | Economic Theory | Game Theory/Mathematical Methods | D81 | ERRORS | DECISION THEORIES | PREFERENCE REVERSAL | RISKY CHOICE | INDEPENDENCE | MODELS | GENERALIZED EXPECTED UTILITY | SOCIAL SCIENCES, MATHEMATICAL METHODS | AVERSION | ECONOMICS | Analysis | Econometric models | Studies | Microeconomics | Economic theory | Utility functions | Dominance | Economics | Utilities | Risk | Mathematical models | Stochasticity | Random errors | Goodness of fit

D03 | C25 | Preference reversal phenomenon | Game Theory, Economics, Social and Behav. Sciences | Strong utility | Economics / Management Science | Risk aversion | Probabilistic choice | Stochastic dominance | Decision theory | Operations Research/Decision Theory | Economic Theory | Game Theory/Mathematical Methods | D81 | ERRORS | DECISION THEORIES | PREFERENCE REVERSAL | RISKY CHOICE | INDEPENDENCE | MODELS | GENERALIZED EXPECTED UTILITY | SOCIAL SCIENCES, MATHEMATICAL METHODS | AVERSION | ECONOMICS | Analysis | Econometric models | Studies | Microeconomics | Economic theory | Utility functions | Dominance | Economics | Utilities | Risk | Mathematical models | Stochasticity | Random errors | Goodness of fit

Journal Article

Theory and Decision, ISSN 0040-5833, 08/2019, pp. 1 - 17

Standard axioms of additively separable utility for choice over time and classic axioms of expected utility theory for choice under risk yield a generalized...

Economic models | Utility theory | Axioms | Decision making | Risk | Lotteries | Representations | Expected utility | Streams

Economic models | Utility theory | Axioms | Decision making | Risk | Lotteries | Representations | Expected utility | Streams

Journal Article

Economic Theory, ISSN 0938-2259, 7/2018, Volume 66, Issue 1, pp. 187 - 212

This paper considers preferences over risky timed outcomes and proposes the weighted temporal utility (WTU) model which separates anticipated subjective...

Economics | Time consistency | Public Finance | Economic Theory/Quantitative Economics/Mathematical Methods | Stationarity | Risk preferences | Game Theory, Economics, Social and Behav. Sciences | Intertemporal choice | Time preferences | Time invariance | Microeconomics | D81 | D91 | CERTAINTY | TIME-PREFERENCES | FUTURE | PERCEPTION | PROBABILITY | ELICITATION | UNCERTAINTY | ECONOMICS | CONSUMPTION | Expected utility | Economic models

Economics | Time consistency | Public Finance | Economic Theory/Quantitative Economics/Mathematical Methods | Stationarity | Risk preferences | Game Theory, Economics, Social and Behav. Sciences | Intertemporal choice | Time preferences | Time invariance | Microeconomics | D81 | D91 | CERTAINTY | TIME-PREFERENCES | FUTURE | PERCEPTION | PROBABILITY | ELICITATION | UNCERTAINTY | ECONOMICS | CONSUMPTION | Expected utility | Economic models

Journal Article

Journal of the Operational Research Society, ISSN 0160-5682, 04/2019, Volume 70, Issue 4, pp. 634 - 654

We introduce a novel entropy framework for the computation of utility on the basis of an agent's subjective evaluation of the granularised information source...

agent | fuzzy sets | multi-attribute decision-making | utility measures | Hanman-Anirban entropy function | Expected utility | information sets | Shannon transforms | Hanman–Anirban entropy function | MANAGEMENT | MEAN-VALUE | RISK | PORTFOLIO SELECTION | ONTOLOGIES | OPERATIONS RESEARCH & MANAGEMENT SCIENCE | AVERSION | VARIANCE | FUZZY-SETS | DECISION FIELD-THEORY

agent | fuzzy sets | multi-attribute decision-making | utility measures | Hanman-Anirban entropy function | Expected utility | information sets | Shannon transforms | Hanman–Anirban entropy function | MANAGEMENT | MEAN-VALUE | RISK | PORTFOLIO SELECTION | ONTOLOGIES | OPERATIONS RESEARCH & MANAGEMENT SCIENCE | AVERSION | VARIANCE | FUZZY-SETS | DECISION FIELD-THEORY

Journal Article

Econometrica, ISSN 0012-9682, 07/2019, Volume 87, Issue 4, pp. 1341 - 1366

Many decision situations involve two or more of the following divergences from subjective expected utility: imprecision of beliefs (or ambiguity), imprecision...

multiple priors | ambiguity | State‐dependent utility | uncertainty aversion | imprecise tastes | multi‐utility | DEFINITION | STATISTICS & PROBABILITY | RISK-AVERSION | State-dependent utility | MAXMIN | multi-utility | PROBABILITY | MATHEMATICS, INTERDISCIPLINARY APPLICATIONS | SUBJECTIVE EXPECTED UTILITY | PREFERENCES | SOCIAL SCIENCES, MATHEMATICAL METHODS | ECONOMICS | Expected utility

multiple priors | ambiguity | State‐dependent utility | uncertainty aversion | imprecise tastes | multi‐utility | DEFINITION | STATISTICS & PROBABILITY | RISK-AVERSION | State-dependent utility | MAXMIN | multi-utility | PROBABILITY | MATHEMATICS, INTERDISCIPLINARY APPLICATIONS | SUBJECTIVE EXPECTED UTILITY | PREFERENCES | SOCIAL SCIENCES, MATHEMATICAL METHODS | ECONOMICS | Expected utility

Journal Article

Management Science, ISSN 0025-1909, 05/2009, Volume 55, Issue 5, pp. 863 - 873

Prospect theory is currently the main descriptive theory of decision under uncertainty. It generalizes expected utility by introducing nonlinear decision...

prospect theory | loss aversion | additive utility | decision weighting | Prospect theory | Management science | Economic uncertainty | Utility functions | Economic utility | State of nature | Expected utility | Weighting functions | Loss aversion | Term weighting | Additive utility | Decision weighting | DECISION-ANALYSIS | MANAGEMENT | RISK | CHOICE | OPERATIONS RESEARCH & MANAGEMENT SCIENCE | PROBABILITY WEIGHTING FUNCTION | PARAMETER-FREE ELICITATION | NONEXPECTED UTILITY | UNCERTAINTY | FOUNDATIONS | PREFERENCE | additive utility; prospect theory; decision weighting; loss aversion | Decision-making | Analysis | Studies | Decision making

prospect theory | loss aversion | additive utility | decision weighting | Prospect theory | Management science | Economic uncertainty | Utility functions | Economic utility | State of nature | Expected utility | Weighting functions | Loss aversion | Term weighting | Additive utility | Decision weighting | DECISION-ANALYSIS | MANAGEMENT | RISK | CHOICE | OPERATIONS RESEARCH & MANAGEMENT SCIENCE | PROBABILITY WEIGHTING FUNCTION | PARAMETER-FREE ELICITATION | NONEXPECTED UTILITY | UNCERTAINTY | FOUNDATIONS | PREFERENCE | additive utility; prospect theory; decision weighting; loss aversion | Decision-making | Analysis | Studies | Decision making

Journal Article

Clinical Chemistry, ISSN 0009-9147, 12/2012, Volume 58, Issue 12, pp. 1636 - 1643

Like any other medical technology or intervention, diagnostic tests should be thoroughly evaluated before their introduction into daily practice. Increasingly,...

INFORMATION | FRAMEWORK | MARKERS | MEDICAL LABORATORY TECHNOLOGY | NATRIURETIC PEPTIDE | ACUTE DYSPNEA | TECHNOLOGY | Clinical Laboratory Techniques - statistics & numerical data | Reproducibility of Results | Outcome Assessment (Health Care) | Humans | Biomarkers - analysis | Research Design | Randomized Controlled Trials as Topic | Clinical trials | Medicine, Experimental | Medical research | Research | Accuracy and precision | Accuracy | Expected utility | Decision making | Patients | Mortality

INFORMATION | FRAMEWORK | MARKERS | MEDICAL LABORATORY TECHNOLOGY | NATRIURETIC PEPTIDE | ACUTE DYSPNEA | TECHNOLOGY | Clinical Laboratory Techniques - statistics & numerical data | Reproducibility of Results | Outcome Assessment (Health Care) | Humans | Biomarkers - analysis | Research Design | Randomized Controlled Trials as Topic | Clinical trials | Medicine, Experimental | Medical research | Research | Accuracy and precision | Accuracy | Expected utility | Decision making | Patients | Mortality

Journal Article

Operations Research, ISSN 0030-364X, 12/2015, Volume 63, Issue 6, pp. 1420 - 1430

We introduce a new type of preference condition for intertemporal choice, which requires present values to be independent of various other variables. The new...

time inconsistency | multi-attribute | functions | mathematics | sequential | intertemporal optimization | discounted utility | decision analysis | arbitrage-free | utility | preference axiomatization | present value | Arbitrage-Free | Present Value | Utility | Discounted Utility | Sequential | Decision Analysis | Intertemporal Optimization | Time Inconsistency | Multi-Attribute | Functions | Mathematics | Preference Axiomatization | TESTS | MANAGEMENT | utility: multi-attribute | TIME PREFERENCE | mathematics: functions | decision analysis: sequential | EXPECTED UTILITY | CHOICE | OPERATIONS RESEARCH & MANAGEMENT SCIENCE | STREAMS | DECISION-MAKING | Decision-making | Utility theory | Mathematical optimization | Analysis

time inconsistency | multi-attribute | functions | mathematics | sequential | intertemporal optimization | discounted utility | decision analysis | arbitrage-free | utility | preference axiomatization | present value | Arbitrage-Free | Present Value | Utility | Discounted Utility | Sequential | Decision Analysis | Intertemporal Optimization | Time Inconsistency | Multi-Attribute | Functions | Mathematics | Preference Axiomatization | TESTS | MANAGEMENT | utility: multi-attribute | TIME PREFERENCE | mathematics: functions | decision analysis: sequential | EXPECTED UTILITY | CHOICE | OPERATIONS RESEARCH & MANAGEMENT SCIENCE | STREAMS | DECISION-MAKING | Decision-making | Utility theory | Mathematical optimization | Analysis

Journal Article