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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 : Benjamin Enke
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (129 download)
Download or read book Cognitive Uncertainty in Intertemporal Choice written by Benjamin Enke and published by . This book was released on 2021 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper studies the relevance of cognitive uncertainty - subjective uncertainty over one's utility-maximizing action - for understanding and predicting intertemporal choice. The main idea is that when people are cognitively noisy, such as when a decision is complex, they implicitly treat different time delays to some degree alike. By experimentally measuring and manipulating cognitive uncertainty, we document three economic implications of this idea. First, cognitive uncertainty explains various core empirical regularities, such as why people often appear very impatient, why per-period impatience is smaller over long than over short horizons, why discounting is often hyperbolic even when the present is not involved, and why choices frequently violate transitivity. Second, impatience is context-dependent: discounting is substantially more hyperbolic when the decision environment is more complex. Third, cognitive uncertainty matters for choice architecture: people who are nervous about making mistakes are twice as likely to follow expert advice to be more patient.
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 : 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 : Luigi Luini
Publisher : Springer Science & Business Media
ISBN 13 : 1461550831
Total Pages : 360 pages
Book Rating : 4.4/5 (615 download)
Download or read book Uncertain Decisions written by Luigi Luini and published by Springer Science & Business Media. This book was released on 2012-12-06 with total page 360 pages. Available in PDF, EPUB and Kindle. Book excerpt: Uncertain Decisions: Bridging Theory and Experiments presents advanced directions of thinking on decision theory - in particular the more recent contributions on non-expected utility theory, fuzzy decision theory and case-based theory. This work also provides theoretical insights on measures of risk aversion and on new problems for general equilibrium analysis. It analyzes how the thinking that underlies the theories described above spills over into real decisions, and how the thinking that underlies these real decisions can explain the discrepancies between theoretical approaches and actual behavior. This work elaborates on how the most recent laboratory experiments have become an important source both for evaluating the leading theory of choice and decision, and for contributing to the formation of new models regarding the subject.
Author : Mohammed Abdellaoui
Publisher : Springer Science & Business Media
ISBN 13 : 3540684360
Total Pages : 245 pages
Book Rating : 4.5/5 (46 download)
Download or read book Advances in Decision Making Under Risk and Uncertainty written by Mohammed Abdellaoui and published by Springer Science & Business Media. This book was released on 2008-08-29 with total page 245 pages. Available in PDF, EPUB and Kindle. Book excerpt: Whether we like it or not we all feel that the world is uncertain. From choosing a new technology to selecting a job, we rarely know in advance what outcome will result from our decisions. Unfortunately, the standard theory of choice under uncertainty developed in the early forties and fifties turns out to be too rigid to take many tricky issues of choice under uncertainty into account. The good news is that we have now moved away from the early descriptively inadequate modeling of behavior. This book brings the reader into contact with the accomplished progress in individual decision making through the most recent contributions to uncertainty modeling and behavioral decision making. It also introduces the reader into the many subtle issues to be resolved for rational choice under uncertainty.
Author : G.W. Harrison
Publisher : Emerald Group Publishing
ISBN 13 : 0762313846
Total Pages : 449 pages
Book Rating : 4.7/5 (623 download)
Download or read book Risk Aversion in Experiments written by G.W. Harrison and published by Emerald Group Publishing. This book was released on 2008-02-29 with total page 449 pages. Available in PDF, EPUB and Kindle. Book excerpt: Presents research utilizing laboratory experimental methods in economics.
Author : M. Allais
Publisher : Springer Science & Business Media
ISBN 13 : 9401576297
Total Pages : 706 pages
Book Rating : 4.4/5 (15 download)
Download or read book Expected Utility Hypotheses and the Allais Paradox written by M. Allais and published by Springer Science & Business Media. This book was released on 2013-03-14 with total page 706 pages. Available in PDF, EPUB and Kindle. Book excerpt: Utility theory or, value theory in general, is certainly the cornerstone of decision theory, game theory, microecon~mics, and all social and political theories which deal with public decisions. Recently the American School of utility, founded by von N eumann Morgenstern, encountered a far-going criticism by the French School of utility represented by its founder Allais. The whole basis of the theory of decisions involving risk has been shaken and put into question. Consequently, basic research in the fundamentals of utility and value theory evolved into a crisis. Like any crisis in basic research, and this one was not an exception, it was very fruitful. One may simply say: Allais versus von Neumann-Morgenstern, or the French School of utility versus the American School, became one of the battlefields of scientific development which proved to be a most creative source of new advances and new developments in all those sciences which are based on evaluation of utilities.
Author : James Francis O'Connor
Publisher :
ISBN 13 :
Total Pages : 448 pages
Book Rating : 4.:/5 (319 download)
Download or read book Intertemporal Choice for a Competitive Firm in an Uncertain Environment written by James Francis O'Connor and published by . This book was released on 1974 with total page 448 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Simon Grant
Publisher :
ISBN 13 :
Total Pages : 24 pages
Book Rating : 4.:/5 (318 download)
Download or read book Temporal Resolution of Uncertainty and Recursive Non-expected Utility Models written by Simon Grant and published by . This book was released on 1997 with total page 24 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Alan Lewis
Publisher : Cambridge University Press
ISBN 13 : 1108547680
Total Pages : 1240 pages
Book Rating : 4.1/5 (85 download)
Download or read book The Cambridge Handbook of Psychology and Economic Behaviour written by Alan Lewis and published by Cambridge University Press. This book was released on 2018-02-15 with total page 1240 pages. Available in PDF, EPUB and Kindle. Book excerpt: There has recently been an escalated interest in the interface between psychology and economics. The Cambridge Handbook of Psychology and Economic Behaviour is a valuable reference dedicated to improving our understanding of the economic mind and economic behaviour. Employing empirical methods - including laboratory and field experiments, observations, questionnaires and interviews - the Handbook provides comprehensive coverage of theory and method, financial and consumer behaviour, the environment and biological perspectives. This second edition also includes new chapters on topics such as neuroeconomics, unemployment, debt, behavioural public finance, and cutting-edge work on fuzzy trace theory and robots, cyborgs and consumption. With distinguished contributors from a variety of countries and theoretical backgrounds, the Handbook is an important step forward in the improvement of communications between the disciplines of psychology and economics that will appeal to academic researchers and graduates in economic psychology and behavioral economics.
Author : Bianjun Xia
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (112 download)
Download or read book Essays on Time Preference Anomalies, Intertemporal Choice, Insurance, and Status written by Bianjun Xia and published by . This book was released on 2011 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: The goal of my dissertation is to analyze individuals' behavior when they make choices over time and within a group. The first chapter is devoted to explaining some key time preference anomalies which are inconsistent with the standard discounted utility model. In the second chapter, I focus on how inter-personal comparisons would affect people's intertemporal choices. Finally, the last chapter studies how the concern for status affects the optimal risk sharing across individuals. The first chapter studies some key time preference anomalies. These include the time preference reversal characteristic of hyperbolic discounting, the magnitude effect and the extreme sign effect. I propose a simple explanation of discounting that accounts for these three anomalies simultaneously, within the context of the expected utility model with uncertainty, risk aversion and preference for precautionary saving. The second chapter develops an intertemporal model in which individuals care about consumption not only for its own sake but also for the status it implies. By putting an additive status term into the utility function, I show that the level of inequality in the initial wealth distribution affects individuals' saving and consumption behavior. The direction of the distortion in intertemporal choice relative to the standard model without status depends on the elasticity of intertemporal substitution in the utility from absolute consumption. I also analyze how changes in the initial wealth distribution affect saving. In the third chapter we develop a series of optimal social insurance models in which people care about both consumption per se and the status it implies. We show that the concern for status does impact the optimal contract under various information structures. Particularly, under complete information without commitment problem, the optimal contract may assign all the society resources to the minority group if the status term is convex enough. Under the limited enforcement regime, compared to the optimal allocation in the pure consumption model, it is optimal to transfer more resources to high income people when the status term is convex. Under moral hazard, the relatively lower status resulting from the higher effort level may make implementation of high effort level more difficult.
Author : Christina A. Roberto
Publisher : Oxford University Press, USA
ISBN 13 : 019939833X
Total Pages : 385 pages
Book Rating : 4.1/5 (993 download)
Download or read book Behavioral Economics and Public Health written by Christina A. Roberto and published by Oxford University Press, USA. This book was released on 2016 with total page 385 pages. Available in PDF, EPUB and Kindle. Book excerpt: Behavioral economics has potential to offer novel solutions to some of today's most pressing public health problems: How do we persuade people to eat healthy and lose weight? How can health professionals communicate health risks in a way that is heeded? How can food labeling be modified to inform healthy food choices? Behavioral Economics and Public Health is the first book to apply the groundbreaking insights of behavioral economics to the persisting problems of health behaviors and behavior change. In addition to providing a primer on the behavioral economics principles that are most relevant to public health, this book offers details on how these principles can be employed to mitigating the world's greatest health threats, including obesity, smoking, risky sexual behavior, and excessive drinking. With contributions from an international team of scholars from psychology, economics, marketing, public health, and medicine, this book is a trailblazing new approach to the most difficult and important problems of our time.
Author : Dariush Arai
Publisher :
ISBN 13 :
Total Pages : 8 pages
Book Rating : 4.:/5 (186 download)
Download or read book Intertemporal Choice Under Uncertainty written by Dariush Arai and published by . This book was released on 1995 with total page 8 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Simon Grant
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (137 download)
Download or read book Expected Utility Theory written by Simon Grant and published by . This book was released on 2007 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: This is a chapter for the forthcoming Handbook of Rational and Social Choice, Paul Anand, Prasanta Pattanaik, and Clemens Puppe, eds., Oxford University Press, 2008. We review classic normative expected utility theory. Our goal is to frame the subsequent chapters (which consider more modern extensions to and deviations from this classic theory) in a way that is accessible to the nonspecialist but also useful to the specialist. We start from scratch with a revealed preference approach to the existence of a utility function. We then present the mathematical structure of additive and linear utility representations and their axiomatizations, in the context of abstract choice theory and using intertemporal choice as a source of examples. We are thus able to focus on this mathematical structure without the interference of the specific interpretation and notation for decision under uncertainty. Furthermore, this approach allows us to focus on the interpretation of the axioms when we turn to decision under uncertainty.
Author : Ayse Öncüler
Publisher :
ISBN 13 :
Total Pages : 32 pages
Book Rating : 4.:/5 (187 download)
Download or read book Intertemporal Choice Under Uncertainty written by Ayse Öncüler and published by . This book was released on 2000 with total page 32 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.
