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1987
It is commonplace to formulate theories of individual decision-making under uncertainty using three sets: the set of states of nature, S, the set of consequences, C, and the set of acts, L. Following Savage (1954) we define nature as the object of concern to the decision–maker and a state of nature as a portrayal of nature leaving no relevant aspect ...
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It is commonplace to formulate theories of individual decision-making under uncertainty using three sets: the set of states of nature, S, the set of consequences, C, and the set of acts, L. Following Savage (1954) we define nature as the object of concern to the decision–maker and a state of nature as a portrayal of nature leaving no relevant aspect ...
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1987
Under certainty, with commodities iϵI, individual preferences are defined over commodity bundles c = (ci:iϵI), which are the objects of choice of individuals. Under uncertainty, production possibilities and individual and aggregate endowments, for instance, may vary with the realization of random states of nature sϵS.
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Under certainty, with commodities iϵI, individual preferences are defined over commodity bundles c = (ci:iϵI), which are the objects of choice of individuals. Under uncertainty, production possibilities and individual and aggregate endowments, for instance, may vary with the realization of random states of nature sϵS.
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Shared Preferences and State-Dependent Utilities
Management Science, 1991This investigation combines two questions for expected utility theory: 1. When do the shared preferences among expected utility maximizers conform to the dictates of expected utility? 2. What is the impact on expected utility theory of allowing preferences for prizes to be state-dependent?
Mark J. Schervish +2 more
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Preferences for lives, injuries, and age: A stated preference survey
Accident Analysis & Prevention, 2010One of the more difficult ethical questions from a public decision-making perspective is whether the estimation of benefits from risk reducing projects should be influenced by factors such as age groups and risk domains. For example, should a project that saves the lives of elderly people be assigned a more different benefit value in cost-benefit ...
Fredrik, Carlsson +2 more
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Stated Preference Questionnaires
2017Directly asking people their willingness to pay or accept compensation for aesthetic changes is a popular approach to their valuation. A format is often favoured in which respondents are invited to say whether they would or would not pay or accept a stipulated sum.
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Revealing Preferences for Leisure Time from Stated Preference Data
American Journal of Agricultural Economics, 2004When consumer choice is constrained by time as well as money, willingness to pay can be defined with respect to either numeraire. The two measures can be related formally within a utility‐consistent model of choice subject to two constraints. Furthermore, when information is collected on both, the respondent's marginal value of time can be identified ...
Douglas M. Larson +2 more
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ELASTIC MATERIALS WITH TWO PREFERRED STATES
The Quarterly Journal of Mechanics and Applied Mathematics, 1991Summary: A mathematical model of an elastic material with two preferred, stress- free states is formulated by taking the strain-energy function to be piecewise quadratic. The symmetries of the material and the preferred states are arbitrary. The apparent energy density, which is the quasiconvexification of the two-well potential, is computed.
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Using stated preference and revealed preference modeling to evaluate prescribing decisions
Health Economics, 2003AbstractThe use of stated preference analyses to evaluate choice of health care products has been growing in recent years. This paper shows how revealed preference data can be enriched with stated preference data and highlights the relative advantages of revealed and stated preference data.
Tami L, Mark, Joffre, Swait
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