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Author : Carl F. Canavan
Publisher :
ISBN 13 :
Total Pages : 304 pages
Book Rating : 4.:/5 (255 download)
Download or read book The Certainty Equivalent of the Risky Decision Making Process written by Carl F. Canavan and published by . This book was released on 1988 with total page 304 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Saul I. Gass
Publisher : Springer Science & Business Media
ISBN 13 : 1461304598
Total Pages : 774 pages
Book Rating : 4.4/5 (613 download)
Download or read book Encyclopedia of Operations Research and Management Science written by Saul I. Gass and published by Springer Science & Business Media. This book was released on 2012-12-06 with total page 774 pages. Available in PDF, EPUB and Kindle. Book excerpt: Operations Research: 1934-1941," 35, 1, 143-152; "British The goal of the Encyclopedia of Operations Research and Operational Research in World War II," 35, 3, 453-470; Management Science is to provide to decision makers and "U. S. Operations Research in World War II," 35, 6, 910-925; problem solvers in business, industry, government and and the 1984 article by Harold Lardner that appeared in academia a comprehensive overview of the wide range of Operations Research: "The Origin of Operational Research," ideas, methodologies, and synergistic forces that combine to 32, 2, 465-475. form the preeminent decision-aiding fields of operations re search and management science (OR/MS). To this end, we The Encyclopedia contains no entries that define the fields enlisted a distinguished international group of academics of operations research and management science. OR and MS and practitioners to contribute articles on subjects for are often equated to one another. If one defines them by the which they are renowned. methodologies they employ, the equation would probably The editors, working with the Encyclopedia's Editorial stand inspection. If one defines them by their historical Advisory Board, surveyed and divided OR/MS into specific developments and the classes of problems they encompass, topics that collectively encompass the foundations, applica the equation becomes fuzzy. The formalism OR grew out of tions, and emerging elements of this ever-changing field. We the operational problems of the British and U. s. military also wanted to establish the close associations that OR/MS efforts in World War II.
Author : Adi Ben-Israel
Publisher :
ISBN 13 :
Total Pages : 35 pages
Book Rating : 4.:/5 (178 download)
Download or read book Optimized Certainty Equivalents for Decisions Under Uncertainty written by Adi Ben-Israel and published by . This book was released on 1986 with total page 35 pages. Available in PDF, EPUB and Kindle. Book excerpt: A new approach is proposed for some models of decision-making under uncertainty, using optimized certainty-equivalents induced by expected-utility. Applications to production, investment and inventory models demonstrate the advantages of the new approach. Expected utility theory is 'the major paradigm in decision making ... It has been used prescriptively in management science (especially decision analysis), predictively in finance and economics, descriptively by psychologists ... The expected utility (EU) model has consequently been the focus of much theoretical and empirical research ... In spite of its power, elegance and success, considerable criticism has been directed at the EU theory, specially when used descriptively to model the decision processes underlying risky choice. In this context, evidence refuting the validity of the EU model axioms is relevant.
Author : Kimberly Kempf-Leonard
Publisher : Elsevier
ISBN 13 :
Total Pages : 1002 pages
Book Rating : 4.:/5 (321 download)
Download or read book Encyclopedia of Social Measurement written by Kimberly Kempf-Leonard and published by Elsevier. This book was released on 2005 with total page 1002 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Encyclopedia of Social Measurement captures the data, techniques, theories, designs, applications, histories, and implications of assigning numerical values to social phenomena. Responding to growing demands for transdisciplinary descriptions of quantitative and qualitative techniques, measurement, sampling, and statistical methods, it will increase the proficiency of everyone who gathers and analyzes data. Covering all core social science disciplines, the 300+ articles of the Encyclopedia of Social Measurement not only present a comprehensive summary of observational frameworks and mathematical models, but also offer tools, background information, qualitative methods, and guidelines for structuring the research process. Articles include examples and applications of research strategies and techniques, highlighting multidisciplinary options for observing social phenomena. The alphabetical arrangement of the articles, their glossaries and cross-references, and the volumes' detailed index will encourage exploration across the social sciences. Descriptions of important data sets and case studies will help readers understand resources they can often instantly access. Also available online via ScienceDirect - featuring extensive browsing, searching, and internal cross-referencing between articles in the work, plus dynamic linking to journal articles and abstract databases, making navigation flexible and easy. For more information, pricing options and availability visit www.info.sciencedirect.com. Introduces readers to the advantages and potential of specific techniques and suggests additional sources that readers can then consult to learn more Conveys a range of basic to complex research issues in sufficient detail to explain even the most complicated statistical technique. Readers are provided with references for further information Eleven substantive sections delineate social sciences and the research processes they follow to measure and provide new knowledge on a wide range of topics Authors are prominent scholars and methodologists from all social science fields Within each of the sections important components of quantitative and qualitative research methods are dissected and illustrated with examples from diverse fields of study Actual research experiences provide useful examples
Author : Pamela K. Lattimore
Publisher :
ISBN 13 :
Total Pages : 44 pages
Book Rating : 4.3/5 ( download)
Download or read book An Empirical Assessment of Alternative Models of Risky Decision Making written by Pamela K. Lattimore and published by . This book was released on 1988 with total page 44 pages. Available in PDF, EPUB and Kindle. Book excerpt: In this paper, we assess the degree to which four of the most commonly used models of risky decision making can explain the choices individuals make when faced with risky prospects. To make this assessment, we use experimental evidence for two random samples of young adults. Using a robust, nonlinear least squares procedure, we estimate a model that is general enough to approximate Kahnenman and Tversky's prospect theory and that for certain parametric values will yield the expected utility model, a subjective expected utility model and a probability-transform model. We find that the four models considered explain the decision-making behavior of the majority of our subjects. Surprisingly, we find that the choice behavior of the largest number of subjects is consistent with a probability-transform model. Such models have only been developed recently and have not been used in applied settings. We find least support for the expected utility model -- the most widely used model of risky decision making.
Author : Leonard C. MacLean
Publisher : World Scientific
ISBN 13 : 9814417351
Total Pages : 941 pages
Book Rating : 4.8/5 (144 download)
Download or read book Handbook of the Fundamentals of Financial Decision Making written by Leonard C. MacLean and published by World Scientific. This book was released on 2013 with total page 941 pages. Available in PDF, EPUB and Kindle. Book excerpt: This handbook in two parts covers key topics of the theory of financial decision making. Some of the papers discuss real applications or case studies as well. There are a number of new papers that have never been published before especially in Part II.Part I is concerned with Decision Making Under Uncertainty. This includes subsections on Arbitrage, Utility Theory, Risk Aversion and Static Portfolio Theory, and Stochastic Dominance. Part II is concerned with Dynamic Modeling that is the transition for static decision making to multiperiod decision making. The analysis starts with Risk Measures and then discusses Dynamic Portfolio Theory, Tactical Asset Allocation and Asset-Liability Management Using Utility and Goal Based Consumption-Investment Decision Models.A comprehensive set of problems both computational and review and mind expanding with many unsolved problems are in an accompanying problems book. The handbook plus the book of problems form a very strong set of materials for PhD and Masters courses both as the main or as supplementary text in finance theory, financial decision making and portfolio theory. For researchers, it is a valuable resource being an up to date treatment of topics in the classic books on these topics by Johnathan Ingersoll in 1988, and William Ziemba and Raymond Vickson in 1975 (updated 2 nd edition published in 2006).
Author : Michelle Baddeley
Publisher : Oxford University Press
ISBN 13 : 019107117X
Total Pages : 169 pages
Book Rating : 4.1/5 (91 download)
Download or read book Behavioural Economics: A Very Short Introduction written by Michelle Baddeley and published by Oxford University Press. This book was released on 2017-01-19 with total page 169 pages. Available in PDF, EPUB and Kindle. Book excerpt: Traditionally economists have based their economic predictions on the assumption that humans are super-rational creatures, using the information we are given efficiently and generally making selfish decisions that work well for us as individuals. Economists also assume that we're doing the very best we can possibly do - not only for today, but over our whole lifetimes too. But increasingly the study of behavioural economics is revealing that our lives are not that simple. Instead, our decisions are complicated by our own psychology. Each of us makes mistakes every day. We don't always know what's best for us and, even if we do, we might not have the self-control to deliver on our best intentions. We struggle to stay on diets, to get enough exercise and to manage our money. We misjudge risky situations. We are prone to herding: sometimes peer pressure leads us blindly to copy others around us; other times copying others helps us to learn quickly about new, unfamiliar situations. This Very Short Introduction explores the reasons why we make irrational decisions; how we decide quickly; why we make mistakes in risky situations; our tendency to procrastination; and how we are affected by social influences, personality, mood and emotions. The implications of understanding the rationale for our own financial behaviour are huge. Behavioural economics could help policy-makers to understand the people behind their policies, enabling them to design more effective policies, while at the same time we could find ourselves assaulted by increasingly savvy marketing. Michelle Baddeley concludes by looking forward, to see what the future of behavioural economics holds for us. ABOUT THE SERIES: The Very Short Introductions series from Oxford University Press contains hundreds of titles in almost every subject area. These pocket-sized books are the perfect way to get ahead in a new subject quickly. Our expert authors combine facts, analysis, perspective, new ideas, and enthusiasm to make interesting and challenging topics highly readable.
Author : Daniel Kahneman
Publisher :
ISBN 13 :
Total Pages : 27 pages
Book Rating : 4.:/5 (53 download)
Download or read book Prospect Theory written by Daniel Kahneman and published by . This book was released on 1979 with total page 27 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Mark Machina
Publisher : Newnes
ISBN 13 : 0444536868
Total Pages : 897 pages
Book Rating : 4.4/5 (445 download)
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
Author : Louis Eeckhoudt
Publisher : Princeton University Press
ISBN 13 : 1400829216
Total Pages : 245 pages
Book Rating : 4.4/5 (8 download)
Download or read book Economic and Financial Decisions under Risk written by Louis Eeckhoudt and published by Princeton University Press. This book was released on 2011-10-30 with total page 245 pages. Available in PDF, EPUB and Kindle. Book excerpt: An understanding of risk and how to deal with it is an essential part of modern economics. Whether liability litigation for pharmaceutical firms or an individual's having insufficient wealth to retire, risk is something that can be recognized, quantified, analyzed, treated--and incorporated into our decision-making processes. This book represents a concise summary of basic multiperiod decision-making under risk. Its detailed coverage of a broad range of topics is ideally suited for use in advanced undergraduate and introductory graduate courses either as a self-contained text, or the introductory chapters combined with a selection of later chapters can represent core reading in courses on macroeconomics, insurance, portfolio choice, or asset pricing. The authors start with the fundamentals of risk measurement and risk aversion. They then apply these concepts to insurance decisions and portfolio choice in a one-period model. After examining these decisions in their one-period setting, they devote most of the book to a multiperiod context, which adds the long-term perspective most risk management analyses require. Each chapter concludes with a discussion of the relevant literature and a set of problems. The book presents a thoroughly accessible introduction to risk, bridging the gap between the traditionally separate economics and finance literatures.
Author : Louis Eeckhoudt
Publisher : Springer Science & Business Media
ISBN 13 : 1461509912
Total Pages : 140 pages
Book Rating : 4.4/5 (615 download)
Download or read book Risk and Medical Decision Making written by Louis Eeckhoudt and published by Springer Science & Business Media. This book was released on 2012-12-06 with total page 140 pages. Available in PDF, EPUB and Kindle. Book excerpt: For people interested in risk management, medical activity represents a stimulating field of study and thought. On the one hand, progress in medical knowledge and technology tends to reduce the risks to survival that individuals would face in the absence of appropriate diagnostic or therapeutic instruments. On the other hand, new medical technologies simultaneously create their own specific risks, sometimes simply because their effects are less well-known than those of established ones. In a sense any medical progress simultaneously generates new risks while destroying old ones. Moreover, unlike many financial risks that can be either divided or transferred to others (e.g. through diversification, insurance or social security) the personal aspects of medical risks are by essence indivisible and non-transferable. As a result, they are in a sense more threatening than financial risks for risk averse patients. These two facts explain and justify the growing interest in risk economics for the fields of medical decision making and health economics. In Risk and Medical Decision Making, part 1 is developed inside the expected utility (E-U) model and analyses how comorbidity risks affect the well-known "test-treatment" thresholds. Part 2 is devoted to a specific non E-U model with the same purpose: how would one define a threshold in this context and how would one value a diagnostic test? In each of these two parts both diagnostic and therapeutic risks are considered.
Author : Laura Concina
Publisher : FonCSI
ISBN 13 :
Total Pages : 55 pages
Book Rating : 4./5 ( download)
Download or read book Risk attitude & Economics written by Laura Concina and published by FonCSI. This book was released on 2014-05-01 with total page 55 pages. Available in PDF, EPUB and Kindle. Book excerpt: This document is an introduction, for non-economists, to standard and behavioral economic theories of risk and uncertainty. It describes some broadly-accepted results in economics that are determinant in decision-making under risk or uncertainty and in situations where we have to deal with losses and gains. To illustrate this point, the document presents a selection of theoretical results, ponctuated with examples taken from everyday life, and research studies in economics and psychology on the perception of risk.
Author : Rose McDermott
Publisher : University of Michigan Press
ISBN 13 : 9780472087877
Total Pages : 256 pages
Book Rating : 4.0/5 (878 download)
Download or read book Risk-Taking in International Politics written by Rose McDermott and published by University of Michigan Press. This book was released on 2001 with total page 256 pages. Available in PDF, EPUB and Kindle. Book excerpt: Discusses the way leaders deal with risk in making foreign policy decisions
Author : National Research Council
Publisher : National Academies Press
ISBN 13 : 0309180538
Total Pages : 124 pages
Book Rating : 4.3/5 (91 download)
Download or read book Completing the Forecast written by National Research Council and published by National Academies Press. This book was released on 2006-10-09 with total page 124 pages. Available in PDF, EPUB and Kindle. Book excerpt: Uncertainty is a fundamental characteristic of weather, seasonal climate, and hydrological prediction, and no forecast is complete without a description of its uncertainty. Effective communication of uncertainty helps people better understand the likelihood of a particular event and improves their ability to make decisions based on the forecast. Nonetheless, for decades, users of these forecasts have been conditioned to receive incomplete information about uncertainty. They have become used to single-valued (deterministic) forecasts (e.g., "the high temperature will be 70 degrees Farenheit 9 days from now") and applied their own experience in determining how much confidence to place in the forecast. Most forecast products from the public and private sectors, including those from the National Oceanographic and Atmospheric Administration's National Weather Service, continue this deterministic legacy. Fortunately, the National Weather Service and others in the prediction community have recognized the need to view uncertainty as a fundamental part of forecasts. By partnering with other segments of the community to understand user needs, generate relevant and rich informational products, and utilize effective communication vehicles, the National Weather Service can take a leading role in the transition to widespread, effective incorporation of uncertainty information into predictions. "Completing the Forecast" makes recommendations to the National Weather Service and the broader prediction community on how to make this transition.
Author : Paul W. Glimcher
Publisher : Academic Press
ISBN 13 : 0123914698
Total Pages : 606 pages
Book Rating : 4.1/5 (239 download)
Download or read book Neuroeconomics written by Paul W. Glimcher and published by Academic Press. This book was released on 2013-08-13 with total page 606 pages. Available in PDF, EPUB and Kindle. Book excerpt: In the years since it first published, Neuroeconomics: Decision Making and the Brain has become the standard reference and textbook in the burgeoning field of neuroeconomics. The second edition, a nearly complete revision of this landmark book, will set a new standard. This new edition features five sections designed to serve as both classroom-friendly introductions to each of the major subareas in neuroeconomics, and as advanced synopses of all that has been accomplished in the last two decades in this rapidly expanding academic discipline. The first of these sections provides useful introductions to the disciplines of microeconomics, the psychology of judgment and decision, computational neuroscience, and anthropology for scholars and students seeking interdisciplinary breadth. The second section provides an overview of how human and animal preferences are represented in the mammalian nervous systems. Chapters on risk, time preferences, social preferences, emotion, pharmacology, and common neural currencies—each written by leading experts—lay out the foundations of neuroeconomic thought. The third section contains both overview and in-depth chapters on the fundamentals of reinforcement learning, value learning, and value representation. The fourth section, “The Neural Mechanisms for Choice, integrates what is known about the decision-making architecture into state-of-the-art models of how we make choices. The final section embeds these mechanisms in a larger social context, showing how these mechanisms function during social decision-making in both humans and animals. The book provides a historically rich exposition in each of its chapters and emphasizes both the accomplishments and the controversies in the field. A clear explanatory style and a single expository voice characterize all chapters, making core issues in economics, psychology, and neuroscience accessible to scholars from all disciplines. The volume is essential reading for anyone interested in neuroeconomics in particular or decision making in general. Editors and contributing authors are among the acknowledged experts and founders in the field, making this the authoritative reference for neuroeconomics Suitable as an advanced undergraduate or graduate textbook as well as a thorough reference for active researchers Introductory chapters on economics, psychology, neuroscience, and anthropology provide students and scholars from any discipline with the keys to understanding this interdisciplinary field Detailed chapters on subjects that include reinforcement learning, risk, inter-temporal choice, drift-diffusion models, game theory, and prospect theory make this an invaluable reference Published in association with the Society for Neuroeconomics—www.neuroeconomics.org Full-color presentation throughout with numerous carefully selected illustrations to highlight key concepts
Author : Ralph L. Keeney
Publisher : Cambridge University Press
ISBN 13 : 9780521438834
Total Pages : 596 pages
Book Rating : 4.4/5 (388 download)
Download or read book Decisions with Multiple Objectives written by Ralph L. Keeney and published by Cambridge University Press. This book was released on 1993-07 with total page 596 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book describes how a confused decision maker, who wishes to make a reasonable and responsible choice among alternatives, can systematically probe their thoughts and feelings in order to make the critically important trade-offs between incommensurable objectives.
Author : John L. Dillon
Publisher : Food & Agriculture Org.
ISBN 13 : 9789251008225
Total Pages : 160 pages
Book Rating : 4.0/5 (82 download)
Download or read book Farm Management Research for Small Farmer Development written by John L. Dillon and published by Food & Agriculture Org.. This book was released on 1980 with total page 160 pages. Available in PDF, EPUB and Kindle. Book excerpt: The small farm setting. Definition of farm management research. Conduct of farm management research. The need for farm management research on small farms. Approaches to farm management research on small farms. Role of farm management research techniques...
