Third-Order Risk Preferences and Cumulative Prospect Theory

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Publisher : BoD – Books on Demand
ISBN 13 : 384410500X
Total Pages : 250 pages
Book Rating : 4.8/5 (441 download)

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Book Synopsis Third-Order Risk Preferences and Cumulative Prospect Theory by : Michael Borß

Download or read book Third-Order Risk Preferences and Cumulative Prospect Theory written by Michael Borß and published by BoD – Books on Demand. This book was released on 2017-03-02 with total page 250 pages. Available in PDF, EPUB and Kindle. Book excerpt: There is broad theoretical and empirical evidence that investors exhibit a preference for skewness. However, there is little research regarding the extent to which individuals really favor positive skewness in individual decision making. In this dissertation, a controlled laboratory experiment is used to test for skewness preferences and prudence – a broader third-order risk preference that is closely linked to skewness preferences. Skewness and prudence preferences are further analyzed both within an Expected Utility Theory framework as well as with Cumulative Prospect Theory. For this, a sound experimental setup is used that also excludes any potentially distortionary effects from loss aversion. This dissertation therefore contributes to better understanding of individual risk preferences and other impact factors, such as a more “rational” vs. a more “intuitive” decision making process in individual decision making.

Complex Systems, Multi-Sided Incentives and Risk Perception in Companies

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Publisher : Springer Nature
ISBN 13 : 1137447044
Total Pages : 864 pages
Book Rating : 4.1/5 (374 download)

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Book Synopsis Complex Systems, Multi-Sided Incentives and Risk Perception in Companies by : Michael I.C. Nwogugu

Download or read book Complex Systems, Multi-Sided Incentives and Risk Perception in Companies written by Michael I.C. Nwogugu and published by Springer Nature. This book was released on 2019-09-06 with total page 864 pages. Available in PDF, EPUB and Kindle. Book excerpt: Most research about financial stability and sustainable growth focuses on the financial sector and macroeconomics and neglects the real sector, microeconomics and psychology issues. Real-sector and financial-sectors linkages are increasing and are a foundation of economic/social/environmental/urban sustainability, given financial crises, noise, internet, “transition economics”, disintermediation, demographics and inequality around the world. Within complex systems theory framework, this book analyses some multi-sided mechanisms and risk-perception that can have symbiotic relationships with financial stability, systemic risk and/or sustainable growth. Within the context of Regret Minimization, MN-Transferable Utility and WTAL, new theories-of-the-firm are developed that consider sustainable growth, price stability, globalization, financial stability and birth-to-death evolutions of firms. This book introduces new behaviour theories pertaining to real estate and intangibles, which can affect the evolutions of risk-taking and risk perception within organizations and investment entities. The chapters address elements of the dilemma of often divergent risk perceptions of, and risk-taking by corporate executives, regulators and investment managers.

Handbook of the Economics of Risk and Uncertainty

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Author :
Publisher : Newnes
ISBN 13 : 0444536868
Total Pages : 897 pages
Book Rating : 4.4/5 (445 download)

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Book Synopsis Handbook of the Economics of Risk and Uncertainty by : Mark Machina

Download or read book Handbook of the Economics of Risk and Uncertainty written by Mark Machina and published by Newnes. This book was released on 2013-11-14 with total page 897 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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

Medical Decision Making

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Publisher : Springer
ISBN 13 : 3662534320
Total Pages : 262 pages
Book Rating : 4.6/5 (625 download)

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Book Synopsis Medical Decision Making by : Stefan Felder

Download or read book Medical Decision Making written by Stefan Felder and published by Springer. This book was released on 2017-03-30 with total page 262 pages. Available in PDF, EPUB and Kindle. Book excerpt: This textbook offers a comprehensive analysis of medical decision making under uncertainty by combining Test Information Theory with Expected Utility Theory. The book shows how the parameters of Bayes’ theorem can be combined with a value function of health states to arrive at informed test and treatment decisions. The authors distinguish between risk-neutral, risk-averse and prudent decision makers and demonstrate the effects of risk preferences on physicians’ decisions. They analyze individual tests, multiple tests and endogenous tests where the test outcome is chosen by the decision maker. Moreover, the topic is examined in the context of health economics by introducing a trade-off between enjoying health and consuming other goods, so that the extent of treatment and thus the potential improvement in the patient’s health becomes endogenous. Finally, non-expected utility models of choice under risk and uncertainty (i.e. ambiguity) are presented. While these models can explain observed test and treatment decisions, they are not suitable for normative analyses aimed at providing guidance on medical decision making.

Multi-moment Asset Allocation and Pricing Models

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Publisher : John Wiley & Sons
ISBN 13 : 0470057998
Total Pages : 258 pages
Book Rating : 4.4/5 (7 download)

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Book Synopsis Multi-moment Asset Allocation and Pricing Models by : Emmanuel Jurczenko

Download or read book Multi-moment Asset Allocation and Pricing Models written by Emmanuel Jurczenko and published by John Wiley & Sons. This book was released on 2006-10-02 with total page 258 pages. Available in PDF, EPUB and Kindle. Book excerpt: While mainstream financial theories and applications assume that asset returns are normally distributed and individual preferences are quadratic, the overwhelming empirical evidence shows otherwise. Indeed, most of the asset returns exhibit “fat-tails” distributions and investors exhibit asymmetric preferences. These empirical findings lead to the development of a new area of research dedicated to the introduction of higher order moments in portfolio theory and asset pricing models. Multi-moment asset pricing is a revolutionary new way of modeling time series in finance which allows various degrees of long-term memory to be generated. It allows risk and prices of risk to vary through time enabling the accurate valuation of long-lived assets. This book presents the state-of-the art in multi-moment asset allocation and pricing models and provides many new developments in a single volume, collecting in a unified framework theoretical results and applications previously scattered throughout the financial literature. The topics covered in this comprehensive volume include: four-moment individual risk preferences, mathematics of the multi-moment efficient frontier, coherent asymmetric risks measures, hedge funds asset allocation under higher moments, time-varying specifications of (co)moments and multi-moment asset pricing models with homogeneous and heterogeneous agents. Written by leading academics, Multi-moment Asset Allocation and Pricing Models offers a unique opportunity to explore the latest findings in this new field of research.

Personality and Cognition in Economic Decision Making

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Publisher : Frontiers Media SA
ISBN 13 : 2889452360
Total Pages : 234 pages
Book Rating : 4.8/5 (894 download)

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Book Synopsis Personality and Cognition in Economic Decision Making by : Aurora García-Gallego

Download or read book Personality and Cognition in Economic Decision Making written by Aurora García-Gallego and published by Frontiers Media SA. This book was released on 2017-08-22 with total page 234 pages. Available in PDF, EPUB and Kindle. Book excerpt: Psychologists studying cognitive processes and personality have increasingly benefited from the wealth of theory, methodology, and decision making paradigms used in economics and game theory. Similarly, for the economists, personality traits and basic cognitive processes offer a set of coherent explanatory constructs in economic behavior. Given the debate on preference invariance and behavioral consistency across contexts and domains, the papers in this topic shed light on the existence and effect of stable sets of idiosyncratic features on economic decision-making. While the effects of personality and cognition on economic decisions remain under-explored, the papers contributed in this topic offer more than a stimulus for further research. The general message could be that personality and cognitive processes offer the stable idiosyncratic ground on which individual decisions are made.

The Consistent Preferences Approach to Deductive Reasoning in Games

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Publisher : Springer Science & Business Media
ISBN 13 : 9780387262352
Total Pages : 230 pages
Book Rating : 4.2/5 (623 download)

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Book Synopsis The Consistent Preferences Approach to Deductive Reasoning in Games by : Geir B. Asheim

Download or read book The Consistent Preferences Approach to Deductive Reasoning in Games written by Geir B. Asheim and published by Springer Science & Business Media. This book was released on 2006 with total page 230 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Consistent Preferences Approach to Deductive Reasoning in Games presents, applies, and synthesizes what my co-authors and I have called the 'consistent preferences' approach to deductive reasoning in games. Briefly described, this means that the object of the analysis is the ranking by each player of his own strategies, rather than his choice. The ranking can be required to be consistent (in different senses) with his beliefs about the opponent's ranking of her strategies. This can be contrasted to the usual `rational choice' approach where a player's strategy choice is (in different senses) rational given his beliefs about the opponent's strategy choice. Our approach has turned out to be fruitful for providing epistemic conditions for backward and forward induction, and for defining or characterizing concepts like proper, quasi-perfect and sequential rationalizability. It also facilitates the integration of game theory and epistemic analysis with the underlying decision-theoretic foundation.

Financial Decision Aid Using Multiple Criteria

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Publisher : Springer
ISBN 13 : 3319688766
Total Pages : 246 pages
Book Rating : 4.3/5 (196 download)

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Book Synopsis Financial Decision Aid Using Multiple Criteria by : Hatem Masri

Download or read book Financial Decision Aid Using Multiple Criteria written by Hatem Masri and published by Springer. This book was released on 2018-01-17 with total page 246 pages. Available in PDF, EPUB and Kindle. Book excerpt: This volume highlights recent applications of multiple-criteria decision-making (MCDM) models in the field of finance. Covering a wide range of MCDM approaches, including multiobjective optimization, goal programming, value-based models, outranking techniques, and fuzzy models, it provides researchers and practitioners with a set of MCDM methodologies and empirical results in areas such as portfolio management, investment appraisal, banking, and corporate finance, among others. The book addresses issues related to problem structuring and modeling, solution techniques, comparative analyses, as well as combinations of MCDM models with other analytical methodologies.

Illegal Online File Sharing, Decision-Analysis, and the Pricing of Digital Goods

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Publisher : CRC Press
ISBN 13 : 1315349337
Total Pages : 344 pages
Book Rating : 4.3/5 (153 download)

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Book Synopsis Illegal Online File Sharing, Decision-Analysis, and the Pricing of Digital Goods by : Michael I. C. Nwogugu

Download or read book Illegal Online File Sharing, Decision-Analysis, and the Pricing of Digital Goods written by Michael I. C. Nwogugu and published by CRC Press. This book was released on 2016-11-03 with total page 344 pages. Available in PDF, EPUB and Kindle. Book excerpt: Illegal online file sharing costs companies tens of billions of dollars of lost revenues around the world annually and results in lost productivity, various psychological issues, and significant reduction of incentives to create and innovate. Legislative, technical, and enforcement efforts have failed. This book presents psychological theories about why people illegally share files online; analyzes and characterizes optimal sanctions for illegal online file sharing; introduces new models for pricing of network-access and digital-content to help reduce illegal online file sharing; introduces new content control and P2P systems; and explains why game theory does not work in pricing of network access.

Earnings Management, Fintech-Driven Incentives and Sustainable Growth

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Author :
Publisher : Routledge
ISBN 13 : 1317146557
Total Pages : 275 pages
Book Rating : 4.3/5 (171 download)

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Book Synopsis Earnings Management, Fintech-Driven Incentives and Sustainable Growth by : Michael I. C. Nwogugu

Download or read book Earnings Management, Fintech-Driven Incentives and Sustainable Growth written by Michael I. C. Nwogugu and published by Routledge. This book was released on 2019-11-01 with total page 275 pages. Available in PDF, EPUB and Kindle. Book excerpt: Traditional research about Financial Stability and Sustainable Growth typically omits Earnings Management (as a broad class of misconduct), Complex Systems Theory, Mechanism Design Theory, Public Health, psychology issues, and the externalities and psychological effects of Fintech. Inequality, Environmental Pollution, Earnings Management opportunities, the varieties of complex Financial Instruments, Fintech, Regulatory Fragmentation, Regulatory Capture and real-financial sector-linkages are growing around the world, and these factors can have symbiotic relationships. Within Complex System theory framework, this book analyzes these foregoing issues, and introduces new behaviour theories, Enforcement Dichotomies, and critiques of models, regulations and theories in several dimensions. The issues analyzed can affect markets, and evolutions of systems, decision-making, "nternal Markets and risk-perception within government regulators, operating companies and investment entities, and thus they have Public Policy implications. The legal analysis uses applicable US case-law and statutes (which have been copied by many countries, and are similar to those of many common-law countries). Using Qualitative Reasoning, Capital Dynamics Theory (a new approach introduced in this book), Critical Theory and elements of Mechanism Design Theory, the book aims to enhance cross-disciplinary analysis of the above-mentioned issues; and to help researchers build better systems/Artificial-Intelligence/mathematical models in Financial Stability, Portfolio Management, Policy-Analysis, Asset Pricing, Contract Theory, Enforcement Theory and Fraud Detection. The primary audience for this book consists of university Professors, PHD students and PHD degree-holders (in industries, government agencies, financial services companies and research institutes). The book can be used as a primary or supplementary textbook for graduate courses in Regulation; Capital Markets; Law & Economics, International Political Economy and or Mechanism Design (Applied Math, Operations Research, Computer Science or Finance).

Handbook of Insurance

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Publisher : Springer Science & Business Media
ISBN 13 : 1461401550
Total Pages : 1133 pages
Book Rating : 4.4/5 (614 download)

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Book Synopsis Handbook of Insurance by : Georges Dionne

Download or read book Handbook of Insurance written by Georges Dionne and published by Springer Science & Business Media. This book was released on 2013-12-02 with total page 1133 pages. Available in PDF, EPUB and Kindle. Book excerpt: This new edition of the Handbook of Insurance reviews the last forty years of research developments in insurance and its related fields. A single reference source for professors, researchers, graduate students, regulators, consultants and practitioners, the book starts with the history and foundations of risk and insurance theory, followed by a review of prevention and precaution, asymmetric information, risk management, insurance pricing, new financial innovations, reinsurance, corporate governance, capital allocation, securitization, systemic risk, insurance regulation, the industrial organization of insurance markets and other insurance market applications. It ends with health insurance, longevity risk, long-term care insurance, life insurance financial products and social insurance. This second version of the Handbook contains 15 new chapters. Each of the 37 chapters has been written by leading authorities in risk and insurance research, all contributions have been peer reviewed, and each chapter can be read independently of the others.

Indices, Index Funds And ETFs

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Publisher : Springer
ISBN 13 : 113744701X
Total Pages : 710 pages
Book Rating : 4.1/5 (374 download)

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Book Synopsis Indices, Index Funds And ETFs by : Michael I. C. Nwogugu

Download or read book Indices, Index Funds And ETFs written by Michael I. C. Nwogugu and published by Springer. This book was released on 2019-03-09 with total page 710 pages. Available in PDF, EPUB and Kindle. Book excerpt: Indices, index funds and ETFs are grossly inaccurate and inefficient and affect more than €120 trillion worth of securities, debts and commodities worldwide. This book analyzes the mathematical/statistical biases, misrepresentations, recursiveness, nonlinear risk and homomorphisms inherent in equity, debt, risk-adjusted, options-based, CDS and commodity indices – and by extension, associated index funds and ETFs. The book characterizes the “Popular-Index Ecosystems,” a phenomenon that provides artificial price-support for financial instruments, and can cause systemic risk, financial instability, earnings management and inflation. The book explains why indices and strategic alliances invalidate Third-Generation Prospect Theory (PT3), related approaches and most theories of Intertemporal Asset Pricing. This book introduces three new decision models, and some new types of indices that are more efficient than existing stock/bond indices. The book explains why the Mean-Variance framework, the Put-Call Parity theorem, ICAPM/CAPM, the Sharpe Ratio, Treynor Ratio, Jensen’s Alpha, the Information Ratio, and DEA-Based Performance Measures are wrong. Leveraged/inverse ETFs and synthetic ETFs are misleading and inaccurate and non-legislative methods that reduce index arbitrage and ETF arbitrage are introduced.

Behavioral Economics of Preferences, Choices, and Happiness

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Publisher : Springer
ISBN 13 : 4431554025
Total Pages : 717 pages
Book Rating : 4.4/5 (315 download)

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Book Synopsis Behavioral Economics of Preferences, Choices, and Happiness by : Shinsuke Ikeda

Download or read book Behavioral Economics of Preferences, Choices, and Happiness written by Shinsuke Ikeda and published by Springer. This book was released on 2016-01-13 with total page 717 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book is a collection of important contributions by Japanese researchers and their coauthors to present current advances in behavioral economics and finance, particularly in relation to decision making and human well-being. The topics covered in this volume include decision making under the conditions of inter-temporal choices, risk and social relations, happiness and the neuro-scientific/biological basis of behavior. The book includes works of research, both theoretical and empirical, on time discounting, time preferences, risk aversion, altruism, social status, happiness, addiction, limited attention and health and financial investments. The authors of the chapters add supplementary discussions to survey more recent advances on related topics or to provide detailed information that were abbreviated in the original publications. The addenda will enable readers to deepen their understanding of decision making and human well-being.

Measuring and Valuing Health Benefits for Economic Evaluation

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Publisher : Oxford University Press
ISBN 13 : 0198569823
Total Pages : 357 pages
Book Rating : 4.1/5 (985 download)

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Book Synopsis Measuring and Valuing Health Benefits for Economic Evaluation by : John Brazier

Download or read book Measuring and Valuing Health Benefits for Economic Evaluation written by John Brazier and published by Oxford University Press. This book was released on 2007-01-11 with total page 357 pages. Available in PDF, EPUB and Kindle. Book excerpt: With limited resources and funding, it is impossible to invest in all potentially beneficial health care interventions. Choices have to be made, and this practical guide allows the reader to measure and value the benefits of interventions, a key component of economic evaluation, which then permits comparisons between interventions.

Risk and Uncertainty

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Publisher : John Wiley & Sons
ISBN 13 : 111808618X
Total Pages : 404 pages
Book Rating : 4.1/5 (18 download)

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Book Synopsis Risk and Uncertainty by : Svetlozar T. Rachev

Download or read book Risk and Uncertainty written by Svetlozar T. Rachev and published by John Wiley & Sons. This book was released on 2011-04-22 with total page 404 pages. Available in PDF, EPUB and Kindle. Book excerpt: Advanced Stochastic Models, Risk Assessment, and Portfolio Optimization The finance industry is seeing increased interest in new risk measures and techniques for portfolio optimization when parameters of the model are uncertain. This groundbreaking book extends traditional approaches of risk measurement and portfolio optimization by combining distributional models with risk or performance measures into one framework. Throughout these pages, the expert authors explain the fundamentals of probability metrics, outline new approaches to portfolio optimization, and discuss a variety of essential risk measures. Using numerous examples, they illustrate a range of applications to optimal portfolio choice and risk theory, as well as applications to the area of computational finance that may be useful to financial engineers. They also clearly show how stochastic models, risk assessment, and optimization are essential to mastering risk, uncertainty, and performance measurement. Advanced Stochastic Models, Risk Assessment, and Portfolio Optimization provides quantitative portfolio managers (including hedge fund managers), financial engineers, consultants, and academic researchers with answers to the key question of which risk measure is best for any given problem.

The New Palgrave Dictionary of Economics

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Publisher : Springer
ISBN 13 : 1349588024
Total Pages : 7493 pages
Book Rating : 4.3/5 (495 download)

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Book Synopsis The New Palgrave Dictionary of Economics by :

Download or read book The New Palgrave Dictionary of Economics written by and published by Springer. This book was released on 2016-05-18 with total page 7493 pages. Available in PDF, EPUB and Kindle. Book excerpt: The award-winning The New Palgrave Dictionary of Economics, 2nd edition is now available as a dynamic online resource. Consisting of over 1,900 articles written by leading figures in the field including Nobel prize winners, this is the definitive scholarly reference work for a new generation of economists. Regularly updated! This product is a subscription based product.

Essays on the measurements sensitivity of risk aversion and causal effects in education

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Author :
Publisher : Rozenberg Publishers
ISBN 13 : 9036101190
Total Pages : 174 pages
Book Rating : 4.0/5 (361 download)

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Book Synopsis Essays on the measurements sensitivity of risk aversion and causal effects in education by : Adam Sanoé Booij

Download or read book Essays on the measurements sensitivity of risk aversion and causal effects in education written by Adam Sanoé Booij and published by Rozenberg Publishers. This book was released on 2009 with total page 174 pages. Available in PDF, EPUB and Kindle. Book excerpt: