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Author :
Publisher :
ISBN 13 :
Total Pages : 18 pages
Book Rating : 4.:/5 (933 download)
Download or read book Multiattribute Utility and Intertemporal Choices written by and published by . This book was released on 2001 with total page 18 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Steffen Andersen
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (137 download)
Download or read book Multiattribute Utility Theory, Intertemporal Utility, and Correlation Aversion written by Steffen Andersen and published by . This book was released on 2020 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Convenient assumptions about qualitative properties of the intertemporal utility function have generated counterintuitive implications for the relationship between atemporal risk aversion and the intertemporal elasticity of substitution. If the intertemporal utility function is additively separable, then the latter two concepts are the inverse of each other. We review a theoretical specification with a long lineage in the literature on multi-attribute utility and use this theoretical structure to guide the design of a series of experiments that allow us to identify and estimate intertemporal correlation aversion. Our results show that subjects are correlation averse over lotteries with intertemporal income profiles.
Author : Ali E. Abbas
Publisher : Cambridge University Press
ISBN 13 : 1108547583
Total Pages : 703 pages
Book Rating : 4.1/5 (85 download)
Download or read book Foundations of Multiattribute Utility written by Ali E. Abbas and published by Cambridge University Press. This book was released on 2018-06-28 with total page 703 pages. Available in PDF, EPUB and Kindle. Book excerpt: Many of the complex problems faced by decision makers involve uncertainty as well as multiple conflicting objectives. This book provides a complete understanding of the types of objective functions that should be used in multiattribute decision making. By using tools such as preference, value, and utility functions, readers will learn state-of-the-art methods to analyze prospects to guide decision making and will develop a process that guarantees a defensible analysis to rationalize choices. Summarizing and distilling classical techniques and providing extensive coverage of recent advances in the field, the author offers practical guidance on how to make good decisions in the face of uncertainty. This text will appeal to graduate students and practitioners alike in systems engineering, operations research, business, management, government, climate change, energy, and healthcare.
Author : Pavlo R. Blavatskyy
Publisher :
ISBN 13 :
Total Pages : 31 pages
Book Rating : 4.:/5 (13 download)
Download or read book A Model of Intertemporal Choice with Rank-Dependent Discounted Utility written by Pavlo R. Blavatskyy and published by . This book was released on 2014 with total page 31 pages. Available in PDF, EPUB and Kindle. Book excerpt: Intertemporal choice is intuitively analogous to choice under risk/uncertainty when outcomes are viewed as consequences received in an uncertain future. "Discounted incremental utility" (DIU) model of intertemporal choice parallels expected utility representation of risk preferences. DIU coincides with Samuelson's discounted utility (constant/exponential discounting) when utility function is linear. DIU has several advantages over discounted utility (and its generalizations -- quasi-hyperbolic and generalized hyperbolic discounting): a) time preferences are continuous; b) utility does not increase when a larger payoff is split into two smaller payoffs, one of which is slightly delayed in time; c) utility is not separable across time periods, i.e. the model allows for intertemporal wealth, complementarity and substitution effects. DIU is generalized to rank-dependent discounted utility (RDDU), which is analogous to rank-dependent utility in choice under risk/uncertainty. RDDU with a concave utility and inverse S-shaped weighting function can rationalize several behavioral regularities such as a greater impatience for immediate outcomes. An application of RDDU to intertemporal consumption/saving reveals that consumers with an inverse S-shaped weighting function exhibit dynamic inconsistency. Initially, they commit to saving for future consumption but, as time passes, they prefer to renegotiate such a contract for an advance payment. Behavioral characterization/axiomatization of RDDU is presented.
Author : Detlof V. Winterfeldt
Publisher :
ISBN 13 :
Total Pages : 63 pages
Book Rating : 4.:/5 (227 download)
Download or read book Multi-Attribute Utility Theory: Models and Assessment Procedures written by Detlof V. Winterfeldt and published by . This book was released on 1973 with total page 63 pages. Available in PDF, EPUB and Kindle. Book excerpt: The article reviews multi-attribute utility theory from a measurement theoretic perspective. It describes and classifies decision situations according to three salient aspects of choice: uncertainty, time-variability, and multi-dimensionality. For each choice situation the main mathematical representations, their inter-relations and differences are discussed. Measurement theoretic tests are described which separate between multi-attribute utility models in riskless and risky time invariant choice situations. Assessment procedures are outlined to encode utility functions for the representations developed, and experimental applications of multi-attribute utility theory are briefly reviewed. (Author).
Author : Pavlo R. Blavatskyy
Publisher :
ISBN 13 :
Total Pages : 30 pages
Book Rating : 4.:/5 (13 download)
Download or read book Discounted Incremental Utility Model of Intertemporal Choice written by Pavlo R. Blavatskyy and published by . This book was released on 2015 with total page 30 pages. Available in PDF, EPUB and Kindle. Book excerpt: A new model of intertemporal choice -- "discounted incremental utility" (DIU) -- is presented. DIU coincides with Samuelson's discounted utility (constant/exponential discounting) when utility function is linear. DIU has several advantages over discounted utility (and its generalizations -- quasi-hyperbolic and generalized hyperbolic discounting): a) time preferences are continuous; b) utility does not increase when a larger payoff is split into two smaller payoffs, one of which is slightly delayed in time; c) utility is not separable across time periods, i.e. the model allows for intertemporal wealth, complementarity and substitution effects. The model can also rationalize several behavioral regularities such as a greater impatience for immediate outcomes if the assumption of constant/exponential discounting is relaxed. An application to intertemporal consumption/saving reveals that consumers may exhibit dynamic inconsistency. Initially, they commit to saving for future consumption but, as time passes, they prefer to renegotiate such a contract for an advance payment. Behavioral characterization/axiomatization of the new model is presented.
Author : Gideon Keren
Publisher : John Wiley & Sons
ISBN 13 : 1118468392
Total Pages : 1056 pages
Book Rating : 4.1/5 (184 download)
Download or read book The Wiley Blackwell Handbook of Judgment and Decision Making, 2 Volume Set written by Gideon Keren and published by John Wiley & Sons. This book was released on 2016-02-16 with total page 1056 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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 : Keith Matthew Marzilli Ericson
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (19 download)
Download or read book Intertemporal Choice written by Keith Matthew Marzilli Ericson and published by . This book was released on 2018 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Intertemporal tradeoffs play a key role in many personal decisions and policy questions. We describe models of intertemporal choice, identify empirical regularities in choice, and pose new questions for research. The focus for intertemporal choice research is no longer whether the exponential discounted utility model is empirically accurate, but, instead, what models best explain the robust behavioral deviations we observe. We introduce the term "present-focused preferences" to describe the large class of models that prioritize present flows of experienced utility. Present-focused preferences need not coincide with a preference for commitment or dynamically inconsistent preferences. Present-bias is a special case of present-focused preferences.
Author : Mark Mark
Publisher : Springer Science & Business Media
ISBN 13 : 3642606636
Total Pages : 429 pages
Book Rating : 4.6/5 (426 download)
Download or read book Essays In Decision Making written by Mark Mark and published by Springer Science & Business Media. This book was released on 2012-12-06 with total page 429 pages. Available in PDF, EPUB and Kindle. Book excerpt: The pioneering study by Bowman [1980) reawakened interest in risk and return relations in the strategic management literature. We do not examine this literature here because we have elsewhere reviewed it in detail 1 and because, for the most part, these studies have been confined to ex post data. Discussions of the strategies which subjects used to direct their ex ante evaluations of risks and returns have either been omitted or else have been only indirectly inferred from ex post data. In addition, with few exceptions, this literature does not attempt to ascertain the meanings that might have been assigned by subjects to terms like "risk" and/or the "returns" with which they have been concerned. Even fewer of these studies have attempted to ascertain how the subjects implemented their definitions en of prospective strategies. Thus, tius literature may route to arriving at evaluations best be regarded as bearing only indirect relations to the present study which is concerned not only with the meanings assigned to terms like "risk" and "return" but also with how these terms are used in arriving at risk and return evaluations of proposed strategies as well as how they are measured and used, on an ex ante basis en route to seeing how these evaluations match with ex post performance. In a sense, one part of this study--i. e.
Author : David L. Vairo
Publisher :
ISBN 13 :
Total Pages : 97 pages
Book Rating : 4.:/5 (113 download)
Download or read book Elaborations on Multiattribute Utility Theory Dominance written by David L. Vairo and published by . This book was released on 2019 with total page 97 pages. Available in PDF, EPUB and Kindle. Book excerpt: Supply Chain Management and Analytics Multiattribute Utility Theory (MAUT) is used to structure decisions with more than one factor (attribute) in play. These decisions become complex when the attributes are dependent on one another. Where linear modeling is concerned with how factors are directly related or correlated with each other, MAUT is concerned with how a decision maker feels about the attributes. This means that direct elicitation of value or utility functions is required. This dissertation focuses on expanding the types of dominance forms used within MAUT. These forms reduce the direct elicitation needed to help structure decisions. Out of this work comes support for current criticisms of gain/loss separability that is assumed as part of Prospect Theory. As such, an alternative to Prospect Theory is presented, derived from within MAUT, by modeling the probability an event occurs as an attribute.
Author : John Keith Horowitz
Publisher :
ISBN 13 :
Total Pages : 272 pages
Book Rating : 4.:/5 (318 download)
Download or read book Three Essays in Intertemporal Choice written by John Keith Horowitz and published by . This book was released on 1988 with total page 272 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Peter P. Wakker
Publisher : Cambridge University Press
ISBN 13 : 1139489100
Total Pages : 519 pages
Book Rating : 4.1/5 (394 download)
Download or read book Prospect Theory written by Peter P. Wakker and published by Cambridge University Press. This book was released on 2010-07-22 with total page 519 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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 : M. Granger Morgan
Publisher : Cambridge University Press
ISBN 13 : 1316886999
Total Pages : 608 pages
Book Rating : 4.3/5 (168 download)
Download or read book Theory and Practice in Policy Analysis written by M. Granger Morgan and published by Cambridge University Press. This book was released on 2017-10-12 with total page 608 pages. Available in PDF, EPUB and Kindle. Book excerpt: Many books instruct readers on how to use the tools of policy analysis. This book is different. Its primary focus is on helping readers to look critically at the strengths, limitations, and the underlying assumptions analysts make when they use standard tools or problem framings. Using examples, many of which involve issues in science and technology, the book exposes readers to some of the critical issues of taste, professional responsibility, ethics, and values that are associated with policy analysis and research. Topics covered include policy problems formulated in terms of utility maximization such as benefit-cost, decision, and multi-attribute analysis, issues in the valuation of intangibles, uncertainty in policy analysis, selected topics in risk analysis and communication, limitations and alternatives to the paradigm of utility maximization, issues in behavioral decision theory, issues related to organizations and multiple agents, and selected topics in policy advice and policy analysis for government.
Author : Adelle Yang
Publisher :
ISBN 13 :
Total Pages : 51 pages
Book Rating : 4.:/5 (13 download)
Download or read book Giver's Impatience written by Adelle Yang and published by . This book was released on 2019 with total page 51 pages. Available in PDF, EPUB and Kindle. Book excerpt: Intertemporal choices represent one of the most common and fundamental trade-offs in consumer decision-making. How do intertemporal choices made for another person differ from similar choices made for oneself? To examine this question, the present research introduces the first integrative self-other decision model and experimentally tests five model derived hypotheses. This model distinguishes between the psychological processes associated with vicarious versus reactive utility and highlights the pivotal role of anticipated affective reaction in interpersonal decision-making. Seven experiments and two additional replications reveal consistent results supporting model predictions. In particular, the results show that an intertemporal choice for a specified other person tends to reveal more impatience than an otherwise identical choice for oneself, contrary to what has previously been assumed, predicted, and reported in studies using abstract and unspecified others as recipients. This “giver's impatience” is moderated by decision characteristics, including the anticipated timing of the recipient's affective reaction, the affective value of the choice options, and decision responsibility. This research provides critical insights and opens new avenues for research into intertemporal choices and interpersonal decision-making.
Author :
Publisher :
ISBN 13 :
Total Pages : 8 pages
Book Rating : 4.:/5 (933 download)
Download or read book Utility and Uncertainty in Intertemporal Choice written by and published by . This book was released on 1987 with total page 8 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author :
Publisher : Academic Press
ISBN 13 : 0080863833
Total Pages : 445 pages
Book Rating : 4.0/5 (88 download)
Download or read book Decision Making from a Cognitive Perspective written by and published by Academic Press. This book was released on 1995-10-20 with total page 445 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Psychology of Learning and Motivation publishes empirical and theoretical contributions in cognitive and experimental psychology, ranging from classical and instrumental conditioning to complex learning and problem solving. This guest-edited special issue is devoted to research and discussion on decision making from a cognitive perspective. Topics include judgment and decision making with respect to memory processes and techniques, domain-specificity, and confirmation bias.Key Features* Synthesis of decision and cognitive research* New theoretical treatments of critical phenomena* New findings and systematic reviews of past work* Coverage of preference, inference, prediction, and hypothesis-testing* Written by the new leading generation of researchers
Author : C.M. Melenovsky
Publisher : Routledge
ISBN 13 : 1000572226
Total Pages : 488 pages
Book Rating : 4.0/5 (5 download)
Download or read book The Routledge Handbook of Philosophy, Politics, and Economics written by C.M. Melenovsky and published by Routledge. This book was released on 2022-05-03 with total page 488 pages. Available in PDF, EPUB and Kindle. Book excerpt: This handbook advances the interdisciplinary field of Philosophy, Politics, and Economics (PPE) by identifying thirty-five topics of ongoing research. Instead of focusing on historically significant texts, it features experts talking about current debates. Individually, each chapter provides a resource for new research. Together, the chapters provide a thorough introduction to contemporary work in PPE, which makes it an ideal reader for a senior-year course. The handbook is organized into seven parts, each with its own introduction and five chapters: I. Frameworks II. Decision-Making III. Social Structures IV. Markets V. Economic Systems VI. Distributive Justice VII. Democracy The "Frameworks" part discusses common tools and perspectives in PPE, and the "Decision-making" section shows different approaches to the study of choice. From there, parts on "Social Structures," "Markets" and "Economic Systems" each use tools from the three PPE disciplines to study and distinguish parts of society. The next part explains dominant theories and challenges to the paradigm of "Distributive Justice." Finally, a part on "Democracy" offers five challenges to current democratic practice.
